In a significant move towards integrating blockchain technology within traditional finance, BlackRock is preparing to introduce blockchain solutions to the back office of one of its largest funds. The firm has filed to offer a digital share class of its $150 billion Treasury Trust money market fund through BNY Mellon.
The new “DLT Shares,” which stands for distributed ledger technology, will not hold any cryptocurrency. However, BNY Mellon, the exclusive distributor of the fund, plans to utilize blockchain to replicate share ownership records. This incremental step could set the stage for wider adoption of tokenized cash, digital assets, or blockchain-based settlement frameworks within conventional financial systems.
BlackRock’s Liquidity Treasury Trust Fund falls under the company’s BlackRock Liquidity Funds suite, currently managing assets exceeding $150 billion as of April 29. The DLT share class requires a minimum investment of $3 million for institutional purchasers, although there are no minimums for additional purchases. Notably, this SEC filing is preliminary and awaits regulatory approval.
This initiative is not BlackRock’s inaugural foray into tokenization. The firm has already made strides with its blockchain-native BUIDL fund, developed in partnership with Securitize, which now oversees assets totaling over $1.7 billion and has recently expanded onto the Solana blockchain.
BlackRock CEO Larry Fink has been a vocal advocate for the long-term potential of tokenization and decentralized finance (DeFi). In his 2025 annual letter to shareholders, he cautioned that the United States risks losing its financial supremacy unless it addresses its debt challenges. He emphasized that this vulnerability could drive investor interest toward alternatives like Bitcoin.
“If the U.S. doesn’t get its debt under control, America risks losing its reserve currency status to digital assets like Bitcoin,” Fink stated. “Decentralized finance represents a remarkable innovation. It makes markets faster, cheaper, and more transparent. However, this same advancement could pose a threat to America’s economic advantages.”
