BlackRock holds $2.93 billion in tokenized funds onchain, with Ethereum hosting $1.1 billion of that total. The bulk sits in the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which held $2.58 billion in assets when Moody's assigned it an AAA-mf rating in 2026, the agency's top grade for tokenized money market products. BlackRock filed with the Securities and Exchange Commission on May 8 for two additional tokenized money market funds, BSTBL and BRSRV, designed to give stablecoin issuers and holders a regulated yield option. The expansion reflects BlackRock's positioning of tokenization as a core infrastructure shift, with Chief Executive Larry Fink describing it as the next stage of market evolution and the firm naming crypto and tokenization as themes driving markets in its 2026 outlook.
BUIDL Fund Operates Across Eight Blockchains
The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) launched with issuance platform Securitize in 2024. The fund holds cash, U.S. Treasury bills, and repurchase agreements, representing investor shares as blockchain tokens that settle around the clock. BUIDL began on Ethereum and expanded across eight networks: Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos, and BNB Chain. Access remains restricted to qualified purchasers, with minimum investments of $5 million for individuals and $25 million for institutions.
Moody's Assigns AAA-mf Rating to BUIDL Fund
Moody's assigned BUIDL its top AAA-mf money market rating in 2026 when the fund held $2.58 billion in assets under management. The rating represents a stamp institutional allocators typically require before committing capital to tokenized money market products.
BlackRock Files for BSTBL and BRSRV Tokenized Funds
BlackRock filed with the Securities and Exchange Commission on May 8 to launch two additional tokenized money market funds. BSTBL will operate on Ethereum, while BRSRV will function across multiple blockchains. Both funds invest in cash and short-term U.S. Treasuries and target stablecoin issuers and holders seeking regulated yield options on reserves. Stablecoins hold over $100 billion in aggregate reserves, with issuers increasingly parking backing assets in tokenized Treasury products.
RWA Market Reaches $34.5 Billion
The tokenized real-world asset market climbed to approximately $34.5 billion, doubling over the past year. Tokenized U.S. Treasury products surpassed $15.20 billion, with BlackRock and Circle leading inflows. Circle's USYC topped $3 billion. Ethereum remains the dominant settlement layer, hosting the majority of tokenized fund value across issuers. JPMorgan is preparing a second tokenized Treasury fund on Ethereum. The Depository Trust and Clearing Corporation enlisted BlackRock and Goldman Sachs for a July pilot tokenizing Russell 1000 stocks and Treasuries.
FAQ
What is BlackRock's total onchain tokenized fund holdings?
BlackRock holds $2.93 billion in tokenized funds onchain, with Ethereum hosting $1.1 billion of that total. The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) accounts for the majority at $2.58 billion.
What did BlackRock file with the SEC on May 8?
BlackRock filed with the Securities and Exchange Commission on May 8 for two new tokenized money market funds: BSTBL on Ethereum and BRSRV across multiple blockchains. Both funds invest in cash and short-term U.S. Treasuries and target stablecoin holders seeking regulated yield options.
