News, data and analysis on tokenized assets, market design and digital economic systems.
Sponsor of BUIDL, a tokenized dollar liquidity fund that passed $1bn in assets in March 2025, and a named participant in DTCC's tokenization service, which puts the world's largest asset manager on the public-chain and permissioned tracks at the same time.
The world's largest asset manager and sponsor of BUIDL, a tokenized dollar liquidity fund launched in March 2024 with Securitize as tokenisation and transfer agent, BNY as cash and securities custodian, and distribution across Ethereum and several other networks. BUIDL passed $1bn in assets in March 2025. The firm is also a named participant in DTCC's tokenization service, which places it on both the public-chain and permissioned tracks of institutional tokenisation at the same time.
Developments in which BlackRock, Inc. is a named party, newest first.
The largest tokenization platform filed its first quarterly results as a public company on 12 August.
Eleven institutions will secure the stablecoin issuer's own layer-one network before its 16 September mainnet, and the DTCC will make Arc a supported chain for tokenizing the assets it custodies from the second half of 2027.
BSTBL puts an existing Treasury fund's shares on Ethereum through BNY; BRSRV is a new multi-chain vehicle with Securitize—both shaped to sit inside GENIUS Act reserve rules.
The servicer of $8.6tn in fund assets will keep books and records on blockchain rails, take subscriptions in stablecoins and mint fund tokens directly, starting with a digitally native Dreyfus money market fund.
The platform that issues BlackRock's BUIDL fund has registered Securitize Capital as an investment adviser, completing a set of licences that now runs from broker-dealer and trading venue to transfer agent, fund administrator and adviser.
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities.
In its first results as a public company, filed on 12 August 2026, tokenization revenue fell 12 per cent to $7.84m while average tokenized assets under management reached a record $4.3bn and aggregate transaction volume rose 147 per cent to $5.3bn. Net loss was $21.7m, most of it fair-value marks, and fund services assets fell about 20 per cent.
BlackRock, the DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa will run validators on Arc, Circle's layer-one network, ahead of a public mainnet set for 16 September 2026. BlackRock is expected to deploy BUIDL on it, and the DTCC to make it a supported blockchain for its tokenization service in the second half of 2027.
BlackRock announced OnChain shares of its Select Treasury Based Liquidity Fund on Ethereum, with BNY as transfer agent, and BRSRV, a new multi-chain tokenized money market fund with Securitize, on 3 August 2026. Both hold cash, short-dated Treasuries and overnight repo, and the release says their strategy intends to make them eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.
BNY said on 29 July 2026 that it had launched Digital Transfer Agency capabilities, keeping fund books and records on blockchain rails with legal title recorded there, accepting subscriptions and redemptions in either fiat or stablecoins, and issuing fund tokens by mint and burn. The service runs alongside the conventional transfer agency that services roughly $8.6tn across more than 7.6 million investor accounts, and starts with three funds: BLIQUID from BNY Investments Dreyfus, the Baillie Gifford Enhanced Yield Fund, and a BlackRock tokenized money market fund share class aimed at stablecoin reserves.
Securitize said on 27 July 2026 that its Securitize Capital subsidiary had registered with the Securities and Exchange Commission as an investment adviser, having previously operated as an exempt reporting adviser. The registration sits alongside the group's registered broker-dealer, alternative trading system, transfer agent and fund administration businesses, which together service more than $5bn in tokenized funds.
DTCC began limited production trades on the DTC Tokenization Service in July 2026, covering Russell 1000 constituents, large index-tracking exchange-traded funds and US Treasury bills, notes and bonds, with commercial launch targeted for October 2026. More than 50 firms, among them BlackRock, Goldman Sachs, JPMorgan, Kraken and Circle, joined the industry working group; DTCC said tokenized holdings carry the same entitlements and ownership rights as assets held in conventional form.
BNY and Goldman Sachs launched a service under which subscriptions to money market funds placed through BNY's LiquidityDirect platform are mirrored as tokens on GS DAP, the Goldman Sachs Digital Assets platform built on Digital Asset technology. BNY continues to keep the official books, records and settlements for the funds. BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments and Goldman Sachs Asset Management took part at launch.
BlackRock introduced the BlackRock USD Institutional Digital Liquidity Fund, holding cash, US Treasury bills and repurchase agreements, with shares issued as tokens on Ethereum. Securitize acted as transfer agent and tokenisation platform, BNY Mellon as custodian of the fund's assets, and the minimum investment was $5m.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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