BlackRock is planning the launch of a second tokenized fund after its first one dubbed BUIDL clocked an explosive growth since being launched in 2024. The asset management mammoth has submitted a filing with the U.S. Securities and Exchange Commission (SEC) outlining its idea with this tokenized fund. The proposed fund is dubbed — the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV).
With this filing, BlackRock aims to leverage the efficiency of blockchains to upgrade existing regulated capital markets. It is essentially looking to connect a blockchain-based ownership record system with investor onboarding systems and regulated transfer agencies.
The Coin Headlines reviewed the filing, that was originally submitted to the SEC on May 8. It explained that this new fund will act like a digital savings account for large scale investors by moving their money into investments like cash and U.S. Treasury bills. This will also help these investors generate yield on their holdings.
The fund will use blockchain to keep a track of who owns what and have all ownership related records be handled through digital tokens instead of traditional paperwork. This will allow investors to move their funds anytime without the paperwork hassle.
Source: SEC
For BRSRV, BlackRock has decided to revive its partnership with tokenization specialist platform Securitize after a successful collaboration on launching BUIDL two years ago.
Securitize addressed the development on Wednesday saying its Transfer Agent will maintain official onchain ownership records for the BRSRV.
“This is another step toward regulated, onchain capital markets operating at institutional scale,” the tokenization platform noted.
BlackRock’s BUIDL was launched as a tokenized money market fund in 2024. It invests user funds in U.S. Treasuries and cash to provide institutional investors with 24/7 blockchain-native yields and instant settlement.
As per Securitize, “BUIDL has grown to approximately $2.3B in assets and has accelerated institutional adoption of tokenized finance.” While BUIDL acts like more of a digital bank account for big institutes, the BRSRV will serve as a back-end solution to hold stablecoin-backing massive cash piles
