BlackRock Teams Up with BNY to Convert Shares of $150B Treasury Trust Fund into Tokens, SEC Documents Show

BlackRock Teams Up with BNY Mellon to Introduce Blockchain-Powered Share Class for $150B Treasury Fund

In a strategic move to integrate blockchain technology into traditional finance, BlackRock has partnered with BNY Mellon to offer a new blockchain-based share class for its $150 billion Treasury Trust money market fund, as detailed in a recent SEC filing.

The newly introduced “DLT Shares” (Distributed Ledger Technology Shares) will not involve cryptocurrencies but instead utilize blockchain to maintain and update share ownership records, providing a digital solution to back-office operations. This innovation signals a step forward in the potential use of blockchain for tokenized cash, digital assets, and broader financial infrastructure.

The move is part of a broader trend where financial institutions are increasingly exploring blockchain for tokenizing real-world assets (RWAs), bridging traditional finance with decentralized finance (DeFi). Earlier in the day, Libre revealed it was tokenizing $500 million of Telegram’s $2.4 billion debt, bringing it to the TON blockchain.

As of April 29, BlackRock’s Liquidity Treasury Trust Fund holds more than $150 billion in assets. Institutional investors wishing to participate in the DLT share class must meet a $3 million minimum investment, with no minimum for subsequent purchases. The SEC filing remains in the preliminary phase and is subject to regulatory approval.

This initiative builds on BlackRock’s previous forays into the world of tokenization, including its BUIDL fund, which manages over $1.7 billion in assets and recently expanded its offerings to the Solana blockchain.

BlackRock’s CEO Larry Fink has long been an advocate for the transformative potential of decentralized finance. In his 2025 letter to shareholders, Fink warned that the U.S. could lose its financial dominance if it fails to address its debt, a shift that could increase the attractiveness of alternatives such as Bitcoin (BTC).

“If the U.S. does not get its debt under control, we risk losing our status as the world’s reserve currency to digital assets like Bitcoin,” Fink cautioned. “Decentralized finance is a game-changing innovation, making markets more efficient, transparent, and accessible. However, this same innovation could undermine the U.S.’s economic dominance.”