The broader tokenization trend is accelerating, with the tokenized real-world asset market around 34.5 billion dollars and tokenized U.S. Treasuries surpassing 15.2 billion, driven by demand for on-chain cash management and collateral.

The dominant fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), is a tokenized money market fund holding cash, U.S. Treasuries, and repurchase agreements, settling 24/7 on the blockchain.

BlackRock’s on-chain tokenized assets total about 2.93 billion dollars, led by Ethereum at 1.1 billion, with activity across networks including Avalanche, Solana, and BNB Chain.

BUIDL started on Ethereum and expanded to eight networks, with access limited to qualified purchasers—minimum investments of 5 million dollars for individuals and 25 million dollars for institutions.

Global growth in tokenized assets for stablecoins and U.S. Treasuries continues, with Ethereum remaining the dominant settlement layer for tokenized funds.

BlackRock filed with the SEC for two new tokenized funds, BSTBL focused on Ethereum and BRSRV focused on multi-chain assets, aimed at stablecoin issuers and holders to earn a regulated yield on reserves.

Industry momentum is underscored by JPMorgan preparing a second tokenized Treasury fund on Ethereum, Circle’s USDC surpassing 3 billion dollars, and the DTCC piloting tokenization of Russell 1000 stocks and Treasuries with BlackRock and Goldman Sachs.

Moody’s rated BUIDL AAA-mf in 2026 while it managed about 2.58 billion dollars in AUM, signaling strong institutional appetite for tokenized money market products.

Looking ahead, SEC decisions on BSTBL and BRSRV will shape how quickly BlackRock’s on-chain total grows and whether it can extend ETF leadership into tokenized cash management.

The proposed BSTBL and BRSRV funds would invest in cash and short-term U.S. Treasuries to provide a regulated yield on stablecoin reserves.