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BlackRock filed two separate registration statements with the SEC on May 8, each proposing a different product but pointing in the same direction: tokenized Treasury exposure on public blockchains, available to institutional investors who want on-chain yield without leaving the BlackRock family.
1/ Two years after BUIDL, Blackrock launches two more tokenized funds — on the most biggest, most institutional public blockchain:
Ethereum. pic.twitter.com/E2E3brk9Y5
— Vivek Raman (@VivekVentures) May 9, 2026
The first filing introduces the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. This new fund invests 100% of its assets in cash, US Treasury bills with maturities of 93 days or less, and overnight repurchase agreements. It is structured as a Rule 2a-7 MMF. It will issue ‘OnChain Shares’ with Securitize maintaining the official ownership registry.
The second filing proposes a new OnChain share class for an existing product: the BlackRock Select Treasury Based Liquidity Fund (BSTBL) which currently holds approximately $7 billion in assets under management.
BNY Mellon Investment Servicing will serve as the transfer agent, maintaining official ownership records on Ethereum. Blockchain transactions will run alongside off-chain records linking wallet addresses to verified investor identities.
The distinction between the two filings is structural.
The Stablecoin Reserve Vehicle is a new fund purpose-built for a specific institutional use case: providing compliant, regulated, on-chain reserve assets for stablecoin issuers. The GENIUS Act, heading toward Senate markup this month, requires stablecoin issuers to back tokens 1:1 with high-quality, liquid assets, including T-bills and government money market funds.
A Rule 2a-7 fund with real-time verifiable on-chain shares fits perfectly with the reserve model regulators want to encourage. The filing effectively launches the product before the law is finalized.
The BSTBL OnChain class is more significant because it brings blockchain access to BlackRock’s largest institutional cash fund. Existing investors can move, use, and integrate on-chain versions of their holdings into DeFi without redeeming the underlying fund exposure.
The ERC-20 standard on Ethereum means BSTBL OnChain shares can interact with the same smart contract ecosystem that now handles BUIDL, Ondo’s OUSG, and the tokenized Treasury infrastructure built around the Ondo-Ripple-JPMorgan settlement pilot completed on May 6.
Securitize anchors the Stablecoin Reserve Vehicle. Securitize received FINRA approval on May 4 to custody tokenized securities and facilitate atomic settlement between tokenized stocks and stablecoins. It already acts as a transfer agent for BUIDL and served as the tokenization partner for the Securitize-Jump-Jupiter regulated equity trading launch on May 5.
BNY Mellon anchors BSTBL. The world’s largest custodian, BNY Mellon, with $59 trillion in assets under custody, launched Bitcoin and Ethereum custody in Abu Dhabi on May 7. The same institution that maintains BSTBL’s off-chain fund administration will now also maintain its on-chain ownership registry via an Ethereum ERC-20 token, connecting the world’s largest custodian to the world’s largest smart contract blockchain in a single institutional product.
The market for tokenized US Treasuries reached $15.3 billion as of May 2026, up from $10 billion in February and $5.42 billion at the start of 2025, as per data from RWA.xyz. BUIDL, BlackRock’s first tokenized fund launched on Ethereum in March 2024, has grown to approximately $2.5 billion in AUM across eight blockchains. The BSTBL OnChain class at $7 billion and the new Stablecoin Reserve Vehicle would more than triple BlackRock’s tokenized Treasury footprint before either product launches.
Larry Fink has stated publicly that ‘every stock, every bond, every fund will be tokenized.’ The two May 8 filings are not a thesis. They are an execution plan with SEC registration numbers attached.
Both filings become effective 75 days after May 8, targeting late July 2026. That window aligns with DTCC’s planned limited-production trades for tokenized securities in July and its full DTC tokenization service targeting October.
Building on the SEC's No-Action Letter related to DTC's tokenization service, DTCC has convened more than 50 firms through its Industry Working Group to inform the development of DTC’s tokenization service and support responsible exploration of digital asset use cases.
Join the… pic.twitter.com/QyGd0SW5KW
— DTCC (@The_DTCC) May 4, 2026
BlackRock’s tokenized fund infrastructure is expected to launch alongside DTCC’s institutional tokenization rails, with Securitize, the firm behind BUIDL, working with Ripple, Goldman Sachs, and JPMorgan Chase in the DTCC working group.
The key catalyst is the GENIUS Act, which could establish the compliance framework stablecoin issuers need to use BlackRock’s reserve vehicle at scale. The filings arriving just before Senate markup suggest BlackRock believes the regulatory window is opening and the infrastructure is ready for deployment.
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