Asset management giant BlackRock is taking another significant step into blockchain-based finance by filing to launch digital ledger technology (DLT) shares for one of its money market funds.
The initiative, outlined in an April 29 filing with the U.S. Securities and Exchange Commission (SEC), aims to modernize how ownership records are maintained without creating a tokenized product.
The DLT shares will represent BlackRock’s BLF Treasury Trust Fund (TTTXX), which currently manages over $150 million in assets, primarily composed of U.S. Treasury bills and cash. Unlike tokenized funds, the DLT shares will not be tradeable tokens. Instead, BlackRock will use blockchain as a parallel tool to improve transparency by mirroring share ownership records.
The filing specifies that the shares will only be available for purchase through BlackRock Advisors and The Bank of New York Mellon (BNY), which will also serve as the blockchain operator for the mirror ledger. Despite the blockchain integration, official ownership will still be recorded through traditional book-entry systems, ensuring regulatory compliance.
BlackRock has not announced a ticker symbol or disclosed management fees for the new DLT share class.
This move mirrors a similar effort by Fidelity, which filed on March 21 to introduce an Ethereum-based OnChain share class tied to its $80 million Treasury Digital Fund (FYHXX). Fidelity anticipates SEC approval by May 30.
The use of blockchain for real-world asset (RWA) tokenization has gained momentum in recent years. Currently, the treasury tokenization market is valued at approximately $6.16 billion. BlackRock’s tokenized fund BUIDL leads the space with $2.55 billion in assets, followed by Franklin Templeton’s BENJI fund with over $700 million.
Ethereum continues to dominate the blockchain infrastructure for tokenized treasuries, hosting more than $4.55 billion worth of such assets. Stellar and Solana follow with $474.9 million and $274.5 million, respectively, according to data from rwa.xyz.
BlackRock CEO Larry Fink has consistently expressed strong support for blockchain’s transformative potential, particularly in real-world asset investing. This latest filing signals the firm’s ongoing strategy to blend traditional finance with cutting-edge blockchain tools, setting the stage for broader institutional adoption.
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