BlackRock files tokenized Treasury funds for stablecoin use

BlackRock filed on May 9, 2026 for two tokenized Treasury fund structures aimed at stablecoin issuers and blockchain-native liquidity pools. One filing creates the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new Treasury-backed money market fund with on-chain shares. The other adds an on-chain share class to the existing BlackRock Select Treasury Based Liquidity Fund, which holds about $7 billion in assets.

The Daily Reinvestment Stablecoin Reserve Vehicle is built to let stablecoin issuers hold dollar reserves in a yield-bearing instrument whose shares can be managed programmatically on-chain. Stablecoin issuers commonly hold reserves in money market funds, Treasury bills and repurchase agreements; the new vehicle provides a Treasury-backed, on-chain option for those holdings.

Adding an on-chain share class to the Select Treasury Based Liquidity Fund allows DeFi protocols, DAO treasuries and other blockchain-native participants to access an established institutional Treasury fund without changing the fund’s underlying structure. The filings describe the on-chain share class as a settlement and management layer compatible with Ethereum.

Both fund structures settle on Ethereum and extend BlackRock’s existing tokenization infrastructure rather than replace it. BlackRock’s tokenized Treasury product BUIDL holds more than $2.9 billion in assets and accounted for about 40% of the tokenized Treasury market at the time of the filings.

The filings include industry forecasts that show stablecoin supply at roughly $230 billion entering 2026 and projecting to about $420 billion by the end of 2026. Each dollar of stablecoin in circulation is matched by reserve assets, most commonly short-duration Treasury instruments, which creates a substantial pool of reserve assets tied to stablecoin supply.

The filings name stablecoin issuers and blockchain-native liquidity as the primary user base and rely on on-chain shares to enable programmatic management and settlement. The Daily Reinvestment fund is presented as a vehicle for new reserve flows, while the Select fund’s on-chain shares open access to an existing institutional Treasury fund.

Both filings were submitted May 9, 2026.