BlackRock Files to Tokenize $6.1B Treasury MMF on Ethereum
BlackRock filed with U.S. regulators to create an Ethereum-based digital share class for its $6.1 billion BlackRock Select Treasury Based Liquidity Fund, targeting stablecoin holders.
BlackRock has filed with the U.S. Securities and Exchange Commission to create a digital share class on the Ethereum blockchain for its $6.1 billion BlackRock Select Treasury Based Liquidity Fund (BSTBL). The filing requests permission to issue tokenized shares that would trade on Ethereum alongside the fund’s existing share classes.
BSTBL holds cash, U.S. Treasury bills and notes, and other short-duration securities with maturities of 93 days or less. The tokenized share class would let investors who keep funds in stablecoins convert those holdings into a regulated, yield-bearing product without moving assets back into traditional bank accounts.
BlackRock has not set a launch date. The product remains in the SEC registration process and requires regulatory approval before tokenized shares can be issued.
The filing follows BlackRock’s prior onchain activity. The firm’s BUIDL fund manages more than $2.5 billion across eight blockchain networks, including Ethereum, BNB Chain, Solana, Polygon, Avalanche, Arbitrum, Optimism and Aptos. Institutional activity in tokenized U.S. treasuries has grown, with the market for onchain treasuries nearing $14 billion and Ethereum holding more than $8.0 billion as of May 2026.
BlackRock has worked with banks and exchanges to build infrastructure for tokenized real-world assets. A recent partnership with Standard Chartered helped power a tokenized treasury collateral system for an exchange, allowing tokenized assets to be used as margin and collateral in trading environments. The BSTBL tokenized share class would leverage similar infrastructure to connect stablecoin liquidity on Ethereum with short-duration government debt and cash equivalents.
If the SEC approves the registration, tokenized BSTBL shares would allow onchain investors to gain exposure to short-duration government debt through smart contracts and blockchain settlement. The offering would add another regulated tokenized fixed-income option from institutional issuers.
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