BlackRock Deepens Tokenization Push With New on-Chain Fund Offerings
BlackRock filed regulatory paperwork May 9, to expand its tokenized fund lineup, becoming the latest move by the world’s largest asset manager to deepen its presence in the on-chain finance market. The filing covers at least two additional money-market funds the firm intends to represent as blockchain-based tokens.
The real-world asset sector has grown 200% year over year, according to a CoinDesk report published May 9.
What BlackRock Filed
BlackRock’s filing, submitted to U.S. regulators, seeks to extend the on-chain token model it pioneered with its BUIDL money-market fund to a broader set of products. The paperwork does not specify a launch timeline, but signals the firm is treating tokenized assets as a standard part of its product architecture rather than an experimental side offering.
The expansion targets institutional investors seeking yield exposure through blockchain-native instruments. Ethereum (ETH) is expected to serve as a primary settlement layer for the new offerings, consistent with how BUIDL currently operates.
Also Read: SEC Chair Paul Atkins Signals New Framework for on-Chain Trading and Crypto Yield Products
Background
BlackRock launched BUIDL, its first tokenized money-market fund, on Ethereum in March 2024. The fund reached $1 billion in assets under management within weeks of launch, making it the fastest-growing tokenized treasury product on record at the time.
By early 2026, BUIDL had expanded to multiple blockchains, including Solana (SOL) and Aptos (APT), as the firm tested cross-chain demand. The broader tokenized real-world asset market has since attracted competing products from Franklin Templeton, Fidelity, and several regional banks.
BlackRock’s May 9 filing extends that trajectory, suggesting the firm sees room to grow its tokenized footprint well beyond a single flagship product. The cryptocurrency industry has watched the firm’s moves closely, given that its spot Bitcoin (BTC) ETF approval in January 2024 was a turning point for institutional adoption.
Also Read: Ethereum Falls Below $2,300 as Whale Transfers and ETF Outflows Mount
What Comes Next
BlackRock has not confirmed which additional fund strategies it intends to tokenize beyond the two indicated in the filing.
Regulatory review timelines for novel tokenized-fund structures remain uncertain, and the SEC’s posture toward on-chain securities products is still evolving under new leadership. The timing of the filing, coming as real-world asset market cap exceeds $20 billion across tracked protocols, suggests BlackRock is moving to capture demand before the space becomes more crowded.
Analysts watching the RWA sector will look for deployment dates and any indication of yield-sharing mechanisms for stablecoin holders.
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