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BlackRock is looking to convert shares of its $150 billion Treasury trust fund into tokens, according to a report by the U.S. Securities and Exchange Commission.
BlackRock will work with Bank of New York Mellon to create a new class of distributed ledger technology shares for the fund.
What you need to know
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BlackRock is working to offer a digital share class of its $150 billion Treasury trust fund, utilizing blockchain technology through Bank of New York Mellon.
The new shares will use blockchain technology to reflect share ownership records, potentially leading to broader adoption of digital assets.
Larry Fink, CEO of BlackRock, highlighted the potential of tokens and warned that the U.S. may lose its financial dominance if it fails to manage its debt.
BlackRock is preparing to bring blockchain technology to the back office of one of its largest funds, having filed to offer a digital share class of its $150 billion Treasury cash fund through Bank of New York Mellon.
The new 'DLT' shares, short for distributed ledger technology, will not contain digital currencies. Bank of New York Mellon, the exclusive distributor of the fund, intends to use blockchain technology to reflect share ownership records, a gradual step that could pave the way for broader adoption of tokenized currency, digital assets, or blockchain-based settlement infrastructure in traditional finance.
In recent years, a growing number of companies have experimented with blockchain-based representations of real-world assets (RWAs), rapidly introducing the traditional finance world to the cryptocurrency and decentralized finance (DeFi) environment. Earlier on Wednesday, Libre announced it is set to tokenize $500 million of Telegram's $2.4 billion debt and integrate it into the TON blockchain.
BlackRock's Treasury liquidity trust fund is part of the company’s suite of liquidity funds, having managed assets exceeding $150 billion as of April 29. The distributed ledger technology shares class requires a minimum investment of $3 million for institutional buyers, with no minimum for subsequent purchases. The disclosure filed with the U.S. Securities and Exchange Commission (SEC) is preliminary and subject to approval.
This is not BlackRock's first step into tokenization. The BUIDL fund, which is based on blockchain technology and created in partnership with Securitize, now manages assets exceeding $1.7 billion and has recently expanded to include Solana.
CEO Larry Fink has consistently reaffirmed his belief in the long-term potential of tokenization and decentralized finance. In his 2025 annual letter to shareholders, Fink warned that the U.S. risks losing its financial dominance if it fails to get its debt under control, a gap that could accelerate investor interest in alternatives like Bitcoin (BTC).
Fink wrote: 'If the U.S. does not get its debt under control... it risks losing [its status as a reserve currency] to digital assets like Bitcoin.' He added: 'Decentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent. However, this very innovation could undermine America's economic advantage.'
Update (April 30, 7:29 UTC): Added a third paragraph on retail trends and rewrote the headline.
