BlackRock filed with the U.S. Securities and Exchange Commission for two new tokenized funds, showing that it is positioning itself as “one of the primary financial institutions monetizing the reserve, liquidity, and yield infrastructure underpinning the digital dollar system itself.”

On 8 May 2026 the asset manager filed with the SEC for two new tokenized funds, to add to BUIDL (BlackRock USD Institutional Digital Liquidity Fund), the tokenized treasury fund it launched in March 2024. A year later BUIDL became the first institutional-grade onchain fund to reach more than $1bn in assets under management, and is now at nearly $2.5bn according to The Tokenization Insight newsletter.

BlackRock has filed to launch a tokenized version of the BlackRock Select Treasury Based Liquidity Fund (BSTBL); and BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a new blockchain-native tokenized money market fund.

The Tokenization Insight newsletter said BlackRock plans to launch more tokenized funds as the market has grown from roughly $100m in 2024 to approximately $15bn. The newsletter highlighted that competition has increased with tokenized funds from Circle, the stablecoin issuer, and Ondo Finance, the digital asset capital markets group, taking the number one spot from BUIDL.

However, BlackRock manages the Circle Reserve Fund, following the U.S. administration passing the Genius Act, the first federal framework for stablecoins. The reserves fund for Circle’s USDC stablecoin currently holds approximately $67bn of Circle’s $78bn reserve base, according to the newsletter.

“As US dollar stablecoins continue scaling globally, BlackRock increasingly appears to be positioning itself not simply as an asset manager participating in tokenization but as one of the primary financial institutions monetizing the reserve, liquidity, and yield infrastructure underpinning the digital dollar system itself,” added the newsletter.

Marc Baumann, founder of 51, which provides commentary on digital assets, tokenization and capital markets, said on X: “BUIDL already crossed $2B. now BlackRock wants to claim the rest of the idle pile.”

Đào Quang Trung, a crypto research analyst, said on X that BlackRock’s filing for two new tokenized funds is the starting gun for a new financial era: “The age of institutional capital flows operated entirely onchain.”

Quang Trung said BlackRock’s objective is clear: “Instead of letting billions in stablecoin capital sit idle, BlackRock is providing a pathway for institutions to capture U.S. Treasury yields directly on the blockchain.”

Franklin Templeton and WisdomTree are other managers who have made their funds compatible with the Genius Act.

“These major institutions do not view each other as zero-sum competitors; they are co-architects of a new reserve standard; for the global financial system,” added Quang Trung.

The analyst argued that we are witnessing a fundamental shift from “speculative stablecoins” to “reserve stablecoins.” Quang Trung said: “Blockchain is finally fulfilling its promise: Becoming the new infrastructure layer for the world’s monetary flow.”

RWA Llama said on X: “Genius drives mandatory demand. The 410% growth since 2025 accelerates. Three funds. Two TAs [transfer agents]. Two jurisdictions. Every channel covered. The BUIDL era was proof of concept. This is scale infrastructure.”