larry fink’s BlackRock filed two new tokenized Treasury-linked products with the U.S. Securities and Exchange Commission on May 8, 2026, expanding its tokenization initiative. One filing covers the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, while the second adds an on-chain share class for the BlackRock Select Treasury Based Liquidity Fund.
The reserve vehicle is designed to hold cash, short-term U.S. Treasuries and overnight repo agreements backed by Treasuries. Its OnChain Shares would move through a permissioned system connected to multiple public blockchains, while Securitize Transfer Agent LLC would keep the official ownership records and off-chain systems would tie wallet addresses to verified investor identities.
BlackRock Daily Reinvestment
The Daily Reinvestment Stablecoin Reserve Vehicle sets a $3 million minimum investment, narrowing access to large allocators rather than retail users. That structure places the product inside the same compliance framework that has already shaped BlackRock’s earlier tokenized fund, with verified identities and transfer-agent records built into the setup.
BlackRock’s existing USD Institutional Digital Liquidity Fund gives the new filings their clearest reference point. Launched in March 2024, BUIDL had reached approximately $2.5 billion in assets under management by mid-May 2026 and operated on Ethereum, Arbitrum, Avalanche and Polygon with 24/7, near-instant settlement and programmable yield features.
BSTBL on Ethereum
The second filing extends the BlackRock Select Treasury Based Liquidity Fund with an on-chain share class using the ERC-20 token standard on Ethereum. BNY Mellon Investment Servicing would serve as the transfer agent for that BSTBL share class, while the underlying fund is described as a money-market-style fund managing nearly $7 billion in assets.
That split shows BlackRock is not treating tokenization as a single product line. One filing creates a new reserve vehicle for on-chain ownership, and the other brings an existing liquidity fund into an on-chain share structure that can sit beside its traditional format.
May 10, 2026
None of the new products had received regulatory approval as of May 10, 2026, and no launch dates had been announced. The filings land as the broader tokenized U.S. Treasury sector was estimated at around $11 billion by mid-May 2026, with the overall real-world-asset market at roughly $26 billion.
For institutions watching tokenized cash products, the immediate takeaway is simple: BlackRock has put two more Treasury-linked structures in front of the regulator, but neither can move into market until approval comes through. The new filings push the firm’s tokenization plan further into a regulated format, yet the step that matters next is still the SEC review.
