BlackRock has deepened its push into blockchain-based finance by filing with the U.S. Securities and Exchange Commission to launch tokenized shares of a money market fund that would operate across Solana, Ethereum, and Tempo. The move underscores mounting institutional demand for using public blockchain networks to record ownership of traditional financial instruments. As the world's largest asset manager — overseeing more than $10 trillion in assets — BlackRock's filings tend to draw industry-wide attention and may foreshadow broader moves by competitors.

The proposed vehicle, named the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, would trade under the ticker RSVXX. According to a filing dated July 31 and submitted to the SEC, the fund would invest entirely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements collateralized by those same government securities.

Money market funds are typically structured to preserve capital and sustain relatively stable net asset values by holding highly liquid, short-duration instruments. Under BlackRock's proposed design, blockchain technology would govern the recording and transfer of fund ownership, while the underlying portfolio would remain concentrated in conventional low-risk assets.

Ownership Records on Public Blockchains

The RSVXX fund would maintain share-ownership records on selected public blockchain networks — Solana, Ethereum, and Tempo — rather than relying solely on traditional centralized databases. The filing suggests this architecture could grant investors and financial institutions greater flexibility in transferring and deploying tokenized fund shares within blockchain-based financial ecosystems.

Solana, in particular, has gained traction as a network for tokenized real-world assets owing to its fast transaction throughput and comparatively low fees. Those technical attributes position it as a candidate for financial products that demand high transaction frequency or broad accessibility to on-chain settlement. The tokenized real-world asset sector has grown to tens of billions of dollars in total value across public chains, with treasury bills, private credit, and commodities among the most active categories.

Securitize, a firm specializing in the tokenization of financial assets, would serve as the fund's transfer agent. In that capacity, Securitize would be responsible for maintaining the official ownership records and administering the tokenized shares.

Potential Eligibility Under the GENIUS Act

The proposed fund has been structured with the aim of potentially qualifying as an eligible reserve asset under the GENIUS Act, U.S. legislation enacted in July 2025 that established a regulatory framework for dollar-pegged stablecoins. If approved, the structure could permit stablecoin issuers to hold RSVXX shares as part of the reserves backing their tokens, subject to applicable regulatory and operational conditions.

Such a use case would tighten the link between regulated money market products and the stablecoin sector. Stablecoin issuers are generally required to hold liquid assets sufficient to support the value of their dollar-linked tokens. A tokenized fund invested in cash and short-term government securities could offer those issuers an additional tool for reserve management, and could potentially redirect a portion of stablecoin backing — currently dominated by cash and short-duration Treasuries held in conventional accounts — toward on-chain instruments.

Building on BUIDL's Track Record

The filing builds on BlackRock's prior steps into tokenized finance. In 2024, the firm launched its first tokenized money market fund, BUIDL, in partnership with Securitize. That fund has since grown to approximately $2.5 billion in assets under management and has seen widening adoption across digital asset markets.

BUIDL has functioned as collateral in cryptocurrency-related lending and leveraged trading, illustrating how tokenized representations of traditional financial products can be embedded into blockchain-based financial services. BlackRock is not alone in this push: asset managers including Franklin Templeton, which operates its own tokenized government money fund on multiple blockchains, have been racing to establish positions in the same market.

Expanding Across Multiple Chains

The latest SEC submission signals BlackRock's intent to broaden its tokenization footprint as institutional engagement with blockchain infrastructure continues to grow. Deploying the fund across Solana, Ethereum, and Tempo could enable the vehicle to reach distinct blockchain communities and underpin a wider array of financial applications.

Tokenized money market funds may furnish financial institutions with expedited settlement and enhanced flexibility when using traditional assets on digital platforms. Recording ownership on blockchain networks could also streamline asset transfers and facilitate more automated financial workflows.

Source: — Solana (@solana) August 3, 2026

By pairing short-term, U.S. government-backed instruments with public blockchain rails, the proposed fund could help bridge traditional liquidity management with emerging digital asset markets.

Regulatory Hurdles Remain

The proposed launch remains contingent on regulatory review and the operational requirements tied to the fund's architecture. Nonetheless, the filing marks a further step in BlackRock's effort to migrate established financial products onto blockchain networks. The outcome of the SEC's review may also offer a signal for how U.S. regulators view multi-chain fund structures under the post-GENIUS Act landscape.

The expansion to Solana — alongside Ethereum and Tempo — highlights the increasingly multi-chain character of institutional tokenization. As demand develops for blockchain-native versions of conventional assets, financial firms are expected to continue exploring methods to improve settlement efficiency, broaden asset accessibility, and integrate traditional investment vehicles with digital financial infrastructure.