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BlackRock’s reserve push redraws the tokenised Treasury race
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BlackRock’s reserve push redraws the tokenised Treasury race

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  • BlackRock (NYSE:BLK) launched two tokenised money market products for regulated US stablecoin reserve management.
  • Its existing BUIDL fund holds more than US$2.6 billion, while USDC circulation stood at US$72.3 billion on 27 July.
  • Regulatory eligibility, blockchain interoperability and institutional access remain key barriers as tokenised Treasury products expand.

BlackRock has expanded its tokenisation strategy with two Treasury-focused products designed for stablecoin issuers under the US GENIUS Act.

One adds tokenised shares on Ethereum (CRYPTO:ETH) to BlackRock’s existing Select Treasury Based Liquidity Fund.

The second supports multiple blockchains and automatically reinvests daily dividends, while both products hold cash and short-term US Treasury instruments.

The launch puts BlackRock into a growing market where tokenised Treasury products compete to provide on-chain liquidity, yield and collateral.

BlackRock BUIDL

BlackRock’s BUIDL is the closest existing benchmark, holding more than US$2.6 billion in tokenised Treasury assets when Grafa reported the launch.

BUIDL holds cash, US Treasury bills and repurchase agreements, with investor ownership represented through blockchain-based tokens.

The fund has expanded beyond Ethereum to networks including Solana (CRYPTO:SOL), Avalanche (CRYPTO:AVAX), Arbitrum (CRYPTO:ARB) and BNB Chain (CRYPTO:BNB).

Franklin Templeton BENJI

Franklin Resources (NYSE:BEN) operates the Franklin OnChain U.S. Government Money Fund, whose shares are represented by BENJI tokens.

Franklin Templeton’s tokenised Treasury platform held about US$1 billion when RWA.xyz reported its sector data, representing roughly 9.6% of that market.

Franklin Templeton has also connected BENJI with stablecoin infrastructure, allowing institutions to move between tokenised fund shares and digital dollars.

Ondo Finance (CRYPTO:ONDO)

Ondo Finance (CRYPTO:ONDO) operates tokenised Treasury products that give blockchain users exposure to short-term US government securities.

RWA.xyz data placed Ondo’s Treasury products at about US$2 billion, giving the platform roughly 18.3% of the measured tokenised Treasury market.

Its model overlaps with BlackRock by bringing Treasury-backed yield on-chain, although Ondo is crypto-native rather than a traditional asset manager.

USD Coin (CRYPTO:USDC)

USD Coin (CRYPTO:USDC) directly connects BlackRock’s tokenisation strategy with the much larger stablecoin reserve market.

Circle Internet Group (NYSE:CRCL) reported US$72.3 billion of USDC in circulation on 27 July, backed by cash and highly liquid assets.

Most USDC reserves sit in the BlackRock-managed Circle Reserve Fund, which can hold short-dated Treasuries, Treasury repos and cash.

Ethereum (CRYPTO:ETH)

Ethereum (CRYPTO:ETH) remains an important settlement layer for institutional tokenisation, including BlackRock’s new on-chain Select Treasury share class.

BlackRock had about US$1.1 billion of its US$2.93 billion in reported tokenised assets settled on Ethereum in July.

JPMorgan Chase (NYSE:JPM) also selected Ethereum for its MONY tokenised money market fund, which launched with US$100 million of bank capital.

The bottom line

BlackRock’s new products show tokenised Treasuries moving closer to stablecoin reserve infrastructure, but regulation, network compatibility and investor restrictions still shape adoption.


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