BlackRock has submitted another application to the U.S. Securities and Exchange Commission for a tokenized fund, again collaborating with Securitize as its on-chain partner, as first reported by The Defiant. While the filing remains pending and public details about the fund’s target assets, blockchain choice, and fee structure are scarce, the move indicates that the world’s largest asset manager, with over $11.5 trillion in assets, is expanding its tokenized fund efforts beyond a single pilot.
The new application builds on the success of BUIDL, the BlackRock USD Institutional Digital Liquidity Fund launched in March 2024. That fund, also powered by Securitize, targeted accredited investors with a $5 million minimum and focused on short-term U.S. Treasury exposure on Ethereum. It has since grown to roughly $2.3 billion in assets, making it the largest tokenized Treasury fund globally and demonstrating significant institutional demand for on-chain yield-bearing dollar instruments.
Securitize acts as the transfer agent and tokenization platform for BUIDL, providing regulated middleware between traditional fund structures and public blockchains. The firm is registered with the SEC as a transfer agent and operates a broker-dealer, offering the compliance framework large asset managers need for institutional tokenized products. By filing another fund with Securitize, BlackRock endorses this infrastructure and signals it does not plan to build its own on-chain fund systems from scratch.
The timing of the filing is notable as the tokenized asset market accelerates. Projects like Ondo Finance’s tokenized stock bridge have pushed RWA tokenization beyond $1.5 billion in TVL for equities, while DTCC’s tokenized securities platform aims to provide settlement rails for large-scale fund flows. For BlackRock, a second fund allows testing of different asset classes or investor bases using the same regulatory and technical framework, putting pressure on competitors like Franklin Templeton (with its BENJI fund), Fidelity, and State Street.
This filing arrives amid broader policy developments, including the CLARITY Act heading to Senate Banking Committee markup and White House efforts for a crypto market structure bill. Such moves, along with BNY’s digital asset custody expansion in Abu Dhabi, show that major traditional finance players are now treating tokenization as a core future product category rather than an experiment.