Global asset management giant BlackRock officially filed regulatory documents on May 9, 2026, planning to launch two large tokenized money market funds for stablecoin users, further ramping up its push into the RWA (real-world assets) track. The move signals that mainstream financial institutions on Wall Street are accelerating their adoption of the on-chain digital dollar economy, seeking to provide compliant on-chain cash management solutions for both institutions and retail users holding stablecoins.

Specifically, the first product is a digital share class of the approximately $6.1 billion “BlackRock U.S. Treasury Benchmark Liquidity Fund (BSTBL),” whose underlying assets consist of cash, U.S. Treasury bills, and short-term securities with maturities of no more than 93 days. Tokenized shares will be issued on the Ethereum blockchain and can run in parallel with traditional shares. The second new fund, called “BlackRock Daily Reinvestment Stablecoin Reserve Tool (BRSRV),” is designed specifically to target investors who manage assets through crypto wallets and stablecoins. It plans to launch on multiple mainstream blockchains such as Ethereum and Solana, filling the market gap for low-risk yield products on-chain.

Against the backdrop of the “Genius Act” (the “Genius Act”) advancing efforts to establish a federal regulatory framework for stablecoins, demand in the market for blockchain-native reserve assets that are compliant, tradable 7×24 hours, and capable of achieving near-instant settlement has surged. Since BlackRock launched its first tokenized fund, BUIDL (currently about $2.5 billion in size), in 2024, BlackRock CEO Larry Fink has repeatedly emphasized that “every type of financial asset will be tokenized.” If this new fund goes live, it will move tokenized U.S. Treasuries and money market funds from early experimental products to a more scaled, institutionalized on-chain financial foundation.