BlackRock has submitted a second tokenized fund application to the U.S. Securities and Exchange Commission, again naming Securitize as its on-chain infrastructure partner. The filing has not been approved, and public details remain limited on the target asset class, blockchain deployment, and fee structure. Even so, the step shows the world’s largest asset manager, with more than $11.5 trillion under management, is treating tokenized funds as a repeatable business line rather than a one-off trial.
BUIDL gave BlackRock a working template
The new filing follows the growth of BUIDL, the BlackRock USD Institutional Digital Liquidity Fund launched with Securitize in March 2024 on Ethereum. The product initially targeted accredited investors, carried a $5 million minimum, and focused on short-term U.S. Treasury exposure. BUIDL has since reached roughly $2.3 billion in assets, making it the largest tokenized Treasury fund in the world and one of the clearest examples of institutional demand for on-chain, yield-bearing dollar products.
Securitize remains central to the compliance stack
Securitize serves as BUIDL’s transfer agent and tokenization platform, placing it between traditional fund structures and public blockchains. The firm is registered with the SEC as a transfer agent and also operates a broker-dealer. That regulatory setup matters. Large asset managers need compliance infrastructure before offering tokenized investment products to institutional clients, and BlackRock’s decision to return to the same partner signals confidence in that framework instead of building an in-house alternative from scratch.
A second fund points to broader product expansion
The strategic case is direct: BUIDL showed that tokenized short-duration Treasury exposure can scale, while a second product gives BlackRock room to test a different asset class, duration profile, or investor base on the same legal and technical rails. The filing also sharpens competition with other traditional finance firms pursuing tokenized products. The report points to Franklin Templeton’s BENJI tokenized money market fund as an early BUIDL rival, while Fidelity and State Street have also filed or signaled interest in tokenized offerings.
Regulatory timing adds weight to the filing
The submission arrived during an active policy window. According to the report, the CLARITY Act is heading to markup in the Senate Banking Committee, while the White House is pushing for Trump to sign a crypto market structure bill before July 4. In that setting, BlackRock’s SEC filing reads as more than a standard product launch. It shows major financial institutions are building around tokenization with regulated issuance, custody, and settlement infrastructure, and doing so in production rather than as a limited experiment.