BlackRock files to create digital shares tracking one of its money market funds
BlackRock has filed to create digital ledger technology (DLT) shares from its BLF Treasury Trust Fund, utilizing blockchain to maintain a mirror record of share ownership. The fund, holding over $150 million in assets primarily in US Treasury bills and cash, will allow purchases exclusively through BlackRock Advisors and The Bank of New York Mellon. Unlike tokenized shares, DLT shares will serve as a transparency tool without changing the traditional ownership ledger. A minimum investment of $3 million is required for institutions. This move follows Fidelity's filing for an Ethereum-based OnChain share class. The treasury tokenization market is valued at $6.16 billion, with BlackRock's BUIDL leading at $2.55 billion. Ethereum is the preferred blockchain for these assets, holding over $4.55 billion in tokenized treasury assets. BlackRock's CEO, Larry Fink, advocates for the transformative potential of RWA tokenization in investing.
