TL;DR:
- BlackRock filed two new tokenized fund applications, including a share class on a $6.1 billion liquidity fund.
- The tokenized share class was registered exclusively on Ethereum.
- Joseph Chalom noted that tokenization could scale when entire funds migrate to the blockchain, not just individual products.
BlackRock filed with regulators two new tokenized money market fund applications, once again positioning Ethereum as a central piece of institutional infrastructure. One of the applications corresponds to a reserve vehicle for stablecoin issuers, designed to offer faster settlement and around-the-clock operation. The other has drawn greater attention within crypto markets.
This second application incorporates a tokenized share class into the BlackRock Select Treasury Based Liquidity Fund, an institutional money market fund valued at approximately $6.1 billion. Unlike the BUIDL fund, launched in 2024 as a standalone tokenized product, this structure adds tokenized access to an already existing fund, which represents a significant distinction for market development.
SharpLink CEO and former BlackRock Exec Joseph Chalom on what the inflection point in tokenization will look like
“We went through a period in tokenization where you had individual projects tokenized and everyone got excited. Franklin Templeton tokenized a money market fund… https://t.co/jg90Aw3NbQ pic.twitter.com/NIzaAb8oQr
— Etherealize (@Etherealize_io) May 10, 2026
Ethereum Already Dominates Institutional Products
According to the information available in the filing, the tokenized share class would operate exclusively on Ethereum. The Ethereum network has become the most widely used infrastructure by major asset managers for this type of product. Ethereum already hosts several tokenized asset instruments.
BlackRock Liquidity Funds
The fund belongs to the BlackRock Liquidity Funds complex, which groups products such as FedFund, MuniCash and T-Fund, all oriented toward institutional clients with large volumes of capital under management. Joseph Chalom, a BlackRock executive, indicated that tokenization could enter a deeper adoption phase when entire funds migrate their structures to the blockchain, rather than doing so product by product.
For now, no additional expansion within the complex has been confirmed. The current filing functions as a structural test. The focus is not placed solely on price or trading possibilities, but also on settlement, transaction records and accessibility. Tokenization allows fund shares to move through blockchain rails, and this filing shows how far BlackRock is prepared to go.
