BlackRock Puts Treasury Fund Records on Ethereum in Major Tokenization Push

TLDR

• BlackRock plans tokenized shares for its Select Treasury Based Liquidity Fund.
• The fund has about $7 billion in assets and holds short-term U.S. Treasuries.
• Ownership records will be represented through ERC-20 tokens on Ethereum.
• BNY Mellon will maintain the fund share register on-chain.
• The filing builds on BlackRock’s earlier BUIDL tokenized fund work.

BlackRock is moving fund records for its Select Treasury Based Liquidity Fund onto Ethereum, according to a new SEC filing. The plan would add tokenized share classes tied to ERC-20 tokens, while BNY Mellon maintains the official register on-chain. The fund invests in short-term U.S. Treasury instruments and has about $7 billion in assets for institutional clients and investors globally.

BlackRock Adds Ethereum-Based Share Classes

The filing shows BlackRock plans to create tokenized share classes for the Select Treasury Based Liquidity Fund. The fund is a money market vehicle focused on short-term U.S. Treasury assets. These instruments are often used for cash management, collateral, and low-risk yield exposure.

The new share classes would use Ethereum to represent ownership records. The records would be linked to ERC-20 tokens, which are common across blockchain markets. The fund would still operate under existing market rules, while the record system would move onto public blockchain rails. BNY Mellon would maintain the official share register on-chain. The bank is a major custodian in traditional finance and serves many large institutions. 

Its role connects regulated fund administration with blockchain-based recordkeeping. The filing places Ethereum at the center of the planned structure. It also shows how large asset managers are using blockchain networks for fund records. The plan does not remove traditional controls from the fund structure.

Tokenized Treasury Fund Access Expands

The Select Treasury Based Liquidity Fund invests in short-term U.S. Treasury instruments. These assets are commonly held by institutions seeking liquidity and steady income. BlackRock’s plan would place part of that fund structure on Ethereum through tokenized share classes.

Tokenized shares may support faster transfers between eligible investors. They may also allow fund records to be viewed and updated outside standard market hours. This could be useful for firms that already use stablecoins or blockchain-based treasury tools. The plan follows BlackRock’s earlier work with BUIDL. That fund gave investors blockchain-based access to Treasury exposure and cash management tools. 

The new filing extends the firm’s tokenization work to a larger Treasury money market product. Ethereum already supports many stablecoins and tokenized assets. Its ERC-20 standard is widely used for digital asset transfers. BlackRock’s filing uses that same technical standard for ownership records tied to the planned share classes.

BNY Mellon Maintains On-Chain Register

BNY Mellon would play a central role in the proposed recordkeeping model by maintaining the official register for tokenized share classes on Ethereum. The setup connects public blockchain records with regulated custody and fund administration. It also keeps the fund under traditional compliance processes, while the on-chain record represents ownership and the fund remains subject to standard rules. 

The filing comes as tokenized Treasury products see wider use across digital asset markets. Stablecoin issuers, trading firms, and institutions have shown demand for Treasury-backed products used in liquidity, settlement, and collateral management. BlackRock’s plan adds another regulated fund product to this market and shows tokenization moving into existing fund structures, not only creating a new digital asset product. 

It is linking blockchain records to a large Treasury money market fund. The plan also gives Ethereum a larger role in institutional fund recordkeeping. BlackRock’s filing shows that public blockchains are being used for official ownership records. The structure may draw attention from asset managers, custodians, and firms using blockchain settlement tools.

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