BlackRock files second tokenized fund with SEC, doubling down on Securitize

BlackRock has filed a second Securitize‑powered tokenized fund with the SEC, signaling BUIDL’s $2.3B success is becoming a repeatable on‑chain RWA product line, not a pilot.

BlackRock has filed a new tokenized fund application with the U.S. Securities and Exchange Commission, once again choosing Securitize as the infrastructure provider, according to reporting by The Defiant. The filing has not yet been approved, and details on the fund’s target asset class, chain deployment and fee structure remain limited in the public record, but the move confirms that the world’s largest asset manager — overseeing more than $11.5 trillion in assets — is moving from pilot to product line in the tokenized fund space.

The new application leans on a relationship that has already produced one of the most successful tokenized fund launches in history. BlackRock and Securitize co-launched BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, in March 2024 on Ethereum, initially targeting accredited investors with a $5 million minimum and a focus on short-term U.S. Treasury exposure. BUIDL has since grown to approximately $2.3 billion in assets, making it the largest tokenized Treasury fund globally and the clearest proof point that institutional demand for on-chain, yield-bearing dollar instruments is real and scalable.

Securitize, which serves as BUIDL’s transfer agent and tokenization platform, has built its business around being the regulated middleware between traditional fund structures and public blockchains. The firm is registered with the SEC as a transfer agent and operates a broker-dealer, giving it the compliance infrastructure that large asset managers need before they can list tokenized products to institutional clients. By returning to Securitize for a second filing, BlackRock is effectively endorsing that compliance stack as fit-for-purpose and signaling that it does not intend to build its own on-chain fund infrastructure from scratch.

Tokenized funds as a product line, not a pilot

The broader context matters here. BlackRock’s second filing arrives as the tokenized asset market is accelerating across multiple fronts simultaneously. A recent story on Ondo Finance’s tokenized stock bridge detailed how the RWA tokenization market has scaled past $1.5 billion in TVL for equities alone, while a separate story on DTCC’s tokenized securities platform showed how post-trade infrastructure giants are now building the settlement rails that would make multi-billion-dollar tokenized fund flows operationally viable at scale.

For BlackRock, the strategic logic of a second tokenized fund is straightforward: BUIDL proved the model works for short-duration Treasury exposure, and a second product allows the firm to test a different asset class, duration profile or investor base on the same regulatory and technical architecture. The move also puts competitive pressure on Franklin Templeton, whose BENJI tokenized money market fund was an early BUIDL rival and whose XRPZ ETF recently led XRP spot inflows, and on Fidelity and State Street, both of which have filed or hinted at tokenized product ambitions of their own.

At a policy level, the filing lands in the same week that the CLARITY Act is heading to Senate Banking Committee markup and the White House is pushing for Trump to sign a crypto market structure bill before July 4, a convergence that turns BlackRock’s SEC submission into more than a routine product launch. As a story on BNY’s Abu Dhabi digital asset custody expansion illustrated, the largest names in traditional finance are no longer hedging their blockchain bets — they are building production infrastructure and filing with regulators, treating tokenization as the next decade’s core product category rather than an emerging technology experiment.