When the market is still debating whether "on-chain finance" is a bubble, traditional asset management giants have already begun to provide answers with their products. Bloomberg reported on May 9, 2026, that BlackRock has submitted documents to the regulators, preparing to issue two tokenized money market funds, one of which is a new tokenized share class added to the BlackRock Select Treasury Based Liquidity Fund (BSTBL). The current size of BSTBL is approximately $6.1 billion, primarily investing in cash, U.S. Treasury bills, and other short-term securities with a remaining maturity of no more than approximately 93 days. This traditional "Treasury cash management tool" is now moving its newly established tokenized share plan to the Ethereum blockchain, directly connecting with investor groups holding cash in token form. The other fund is a brand new tokenized money market fund, similarly aimed at this set of on-chain users. For BlackRock, this isn't just about having two additional products; it is about breaking down the yield curve originally locked in asset management reports into tokenized shares that can be held and transferred on-chain. The revenue distribution path of traditional asset management is being rewritten through tokenization, and for the first time, systematically extending its reach to on-chain users.

$6.1 Billion BSTBL Moves to Ethereum

BSTBL itself is a very typical dollar liquidity tool: the fund size is approximately $6.1 billion, primarily buying cash, U.S. Treasury bills, and short-term securities with a remaining maturity of no more than approximately 93 days. This asset allocation implies two key signals: first, a very short duration, resulting in limited sensitivity to interest rate fluctuations, making it closer to a "cash alternative”; second, primarily based on U.S. Treasury bills, concentrating credit risk at the sovereign level. For BlackRock, moving such a simple structured fund with a controllable duration and a certain scale onto the chain is easier for regulators, institutions, and on-chain users to accept compared to more complex, longer duration products, making it more suitable as a testing ground for tokenization.

When BSTBL's tokenized shares are issued on Ethereum, on-chain users will receive a short-term U.S. Treasury bond portfolio yield held in token form: the underlying still operates within the traditional financial system, but the shares can be transferred and custodied on-chain. For investors already accustomed to holding cash positions in dollar-denominated tokens, this type of product offers a transition from "preserving principal without interest" to "earning short-term interest while maintaining high liquidity"; the risk lies in the fact that the tokens represent shares of a fund bound by traditional rules, and the redemption pace, contract design, and future regulatory framework still need to be clarified. Theoretically, these highly liquid, short-duration tokenized shares can be used by individuals and institutions as on-chain "cash management tools," and there is a chance they could later be integrated into various protocols’ vaults, collateral, or clearing mechanisms, but how well they will fit into existing on-chain scenarios depends on the future product rules and the actual access methods of the DeFi ecosystem.

The Other New Fund Targets On-Chain Cash

Unlike adding a tokenized share class to BSTBL, the second product in BlackRock's documents is not a simple "on-chain copy" of an existing fund but a brand new tokenized money market fund. It will be managed separately from BSTBL in terms of product structure, meaning there is room for separate rule design regarding the investment scope, risk disclosure, and subscription and redemption arrangements for the "on-chain cash" audience in the future, rather than being entirely constrained by traditional offline product limitations. The materials clearly state that these two funds are aimed at investors who wish to hold cash in token form, but the funds will be allocated to different asset pools. Whether on-chain users choose to link to existing BSTBL assets or enter the new fund system will become the first choice needed for future allocations.

However, compared to the confirmed tokenized share of BSTBL landing on Ethereum, the key information for this new fund still leaves a lot of blanks. Public reports have not provided its final name, and current materials do not clearly state whether it will start on a single chain or consider multi-chain deployment, nor have they disclosed specific operational structures and technical paths. For the market, this ambiguity reflects that the product is still in the application and design phase, with many details awaiting internal approval by regulators and institutions. On the other hand, it also means that external parties find it difficult to assess its true positioning in the on-chain ecosystem for the time being. What can be confirmed is that BlackRock has decided to carve out a separate fund for on-chain cash; however, what kind of tool it will eventually grow into still requires waiting for subsequent disclosures and on-chain practices to provide answers.

On-Chain Yield Track Welcomes Wall Street Players

According to AiCoin data, the overall scale of on-chain dollar assets has been rising in recent years, as holders wish to maintain their peg to the dollar while not wanting to remain in a long-term "zero interest" state in their wallets. Previously, MakerDAO's DAI Savings Rate offered a classic path: users lock their on-chain dollar assets into a protocol in exchange for on-chain yields denominated in dollars; on the other side, tokenized treasury products like Ondo's USDY and Franklin's BENJI attempt to cut U.S. Treasury combinations into on-chain shares, vying for the same batch of users with narratives around "real-world assets." BlackRock's plan to move the approximately $6.1 billion BSTBL, primarily based on U.S. Treasury and other short-term securities, onto Ethereum fundamentally pushes traditional money market funds directly into this track, creating multiple points of comparison regarding branding, scale, and "which resembles traditional finance more" with existing products.

When compliant money market funds appear in token form, on-chain users' understanding of risk and return will also be rewritten: in the past, many believed on-chain dollar yields either meant complex contracts with protocol risks or trusting bets on the issuers of tokenized treasuries; now, traditional giants like BlackRock are moving their familiar treasury combinations on-chain, making "holding a token representing junior treasury share" an option. For users holding on-chain dollar assets, the original baseline state of "passively holding cash" is replaced by a new question—whether to continue treating the tokens purely as payment and trading tools or shift towards allocating to a tokenized fund based on U.S. Treasury as the underlying asset. This will redraw the lines between earnings, liquidity, and trust in traditional institutions, representing a long-term choice that the entire on-chain dollar ecosystem must confront.

From BUIDL to New Funds

For BlackRock, whether to move "dollar-denominated returns" onto the chain has already been answered once during the BUIDL phase. That tokenized liquidity fund marked the traditional asset management giant's first introduction of its products into the on-chain environment, testing both regulatory and technical boundaries while reserving a path for subsequent larger products. Now, BlackRock is further preparing two tokenized money market funds, one of which will provide tokenized shares for the approximately $6.1 billion BlackRock Select Treasury Based Liquidity Fund (BSTBL), and the other is a newly launched tokenized fund, clearly extending the path of tokenization opened by BUIDL, only this time with the underlying being a combination of U.S. Treasuries and short-term securities with a remaining maturity of no more than approximately 93 days.

On the implementation level, BlackRock's choice to deploy BSTBL's tokenized shares on Ethereum is an "offensive pursuit of stability." Ethereum currently hosts a vast number of tokenized assets and DeFi protocols and is the primary public chain commonly used for institutional tokenized products. This can provide mature wallet, custody, and contract infrastructure to mitigate technological and operational uncertainties while simplifying acceptance by institutional investors and regulators. Between compliance and on-chain openness, BlackRock seems to have chosen a middle path: both funds target investors who will hold cash in token form, but to what extent they will be opened and integrated into the DeFi environment remains an undecided variable; this will determine their real boundaries within the on-chain dollar yield landscape.

What On-Chain Signals to Monitor Next

If BUIDL was BlackRock's first brick testing the waters of the chain, then these two planned tokenized money market funds might directly transport "compliant dollar yields" to the main stage of Ethereum, reshaping the hierarchy of on-chain yield products: on one end are early players like MakerDAO DSR, USDY, BENJI, and on the other end are institutional forces represented by traditional funds like BSTBL with a size of approximately $6.1 billion. What will truly determine the landscape is not today's announcement, but the following signals: first, the rhythm and conditions of regulatory approvals—As of May 9, 2026, public information remains at the stage of “submitted documents for launching,” and subsequent approval terms will directly define whether tokenized shares can be freely transferred or if they are restricted to specific investors; second, the investor admission threshold and on-chain form—product names, final terms, and qualification requirements are not yet fully disclosed; once implemented, whether it will be strictly contained within a "on-chain park" for qualified investors or opened to a broader range of token holders will determine its position among on-chain dollar assets; third, and crucially for DeFi, is whether tokenized shares will be allowed to enter the open protocol system. Currently, there is no official explanation; once the contract is deployed on Ethereum, setting transfer whitelists and whether it can be accepted as collateral by the protocol will become critical observation variables that will determine whether it cooperates with DeFi and becomes part of the collateral puzzle or maintains a clear boundary while acting as a "closed yield island" on-chain.

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