BlackRock Seeks SEC Approval for Second Tokenized Fund

Doohyun Hwang

Summary

BlackRock said it has applied to the SEC for approval of a new tokenized fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle.
The fund will use Securitize's blockchain infrastructure, multiple public blockchains and an off-chain identity verification system to manage investor ownership records and the shareholder registry.
The first tokenized fund, BUIDL, has grown to about $2.3 billion in assets under management (AUM), while the tokenized asset market and tokenized Treasury market have also surged.

Forecast Trend Report by Period

BlackRock has applied to the US Securities and Exchange Commission for approval of a new tokenized fund, expanding its push into the real-world asset, or RWA, tokenization market after the strong success of its first tokenized fund, BUIDL.

Securitize said on May 15 that BlackRock recently filed an application with the SEC for a new tokenized fund named the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. Like the first 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 shareholder registry by combining multiple public blockchains with an off-chain identity verification system.

The new fund builds on BlackRock's first tokenized fund, BUIDL. Since its launch in March 2024, BUIDL's assets under management have grown to about $2.3 billion, 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 stood at about $1.6 billion the day before BUIDL launched and has since climbed nearly 20-fold to $31.49 billion. Over the same period, the tokenized Treasury market jumped from $721 million to $15.29 billion.