BlackRock Files Tokenized Money Market Vehicle as TradFi Targets On-Chain Cash


A quiet SEC filing does what press releases can’t. On July 9, 2026, BlackRock submitted Form N-1A for the BUIDL Treasury Trust, a tokenized fund that holds short-dated T-bills with daily NAV on Ethereum and Stellar. Shares will be settled T+0 to qualifying wallets, and redemptions credit USDC or PYUSD within minutes. The minimum value is $5 million, but the structure allows approved distributors to fractionalize for smaller desks.

The pipes that make the story. Bank of New York Mellon will hold securities custody, while smart contracts handle transfer agency. This cuts out three intermediaries and lets treasurers sweep idle cash into yield-bearing tokens after the close of U.S. markets. Early testers include two Fortune 100 companies that moved $80 million to the pilot last quarter, earning 5.22% versus 4.91% on the legacy sweep system.

Market reaction moves with precision. Tokenized T-bill TVL surged to $420 million in 48 hours, and on-chain repo rates fell 15 bps as the supply of high-quality collateral increased. MakerDAO’s RWA vault saw an outflow of $60 million to BUIDL, signaling that institutions prefer BlackRock paper over a DeFi wrapper when both pay the same yield.
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