BlackRock Seeks SEC Approval for Second Tokenized Fund
Summary
- BlackRock said it has sought SEC approval for a new tokenized fund called the BlackRock Daily Reinvestment Stablecoin Reserve.
- The fund will use Securitize's blockchain infrastructure, along with multiple public blockchains and an off-chain identity verification system, to manage official ownership records and the shareholder registry.
- Assets under management for BUIDL, BlackRock's first tokenized fund, have grown to about $2.3 billion, while the broader tokenized asset market has surged nearly 20-fold from $1.6 billion to $31.49 billion.
Forecast Trend Report by Period
BlackRock has applied to the US Securities and Exchange Commission for approval of a new tokenized fund, building on the success of its first such product, BUIDL, as it steps up its push into the real-world asset tokenization market.
Securitize said May 15 that BlackRock recently filed with the SEC for a new tokenized fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. Like the earlier fund, the new product will use blockchain infrastructure provided by BlackRock partner Securitize.
According to the filing, Securitize will manage investors' official ownership records and the shareholder registry by combining multiple public blockchains with an off-chain identity verification system.
The new fund follows BlackRock's first tokenized fund, BUIDL. Launched in March 2024, BUIDL has grown to about $2.3 billion in assets under management, making it the largest tokenized Treasury fund in the market.
BUIDL's success has coincided with rapid growth in the broader tokenized asset market. The market for tokenized assets has expanded to $31.49 billion from about $1.6 billion on the eve of BUIDL's launch, nearly a 20-fold increase. Over the same period, the tokenized Treasury market climbed to $15.29 billion from $721 million.
