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BlackRock, the world's largest asset manager with $14 trillion under management, filed paperwork with the SEC on Friday to launch a new tokenized Treasury reserve fund and add blockchain-based shares to an existing $7 billion money-market fund — its most concrete expansion yet into tokenized finance since the launch of its BUIDL fund in 2024.A new tokenized Treasury reserve fundThe first filing proposes the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund that would invest in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund would issue OnChain Shares through a permissioned system connected to multiple public blockchains, with Securitize Transfer Agent LLC maintaining official ownership records. A permissioned framework would link wallet addresses to investor identities while preserving offchain identity records.The filing did not specify which blockchains the fund will initially support. The minimum investment threshold is set at $3 million, targeting institutional rather than retail investors.Onchain shares for a $7 billion money-market fundThe second filing proposes creating an onchain share class for the BlackRock Select Treasury Based Liquidity Fund, an existing traditional money-market fund with nearly $7 billion in assets under management. Under the proposal, BNY Mellon Investment Servicing would maintain official ownership records on Ethereum using ERC-20 token standards, with blockchain records combined with offchain identity systems serving as the fund's official shareholder registry.The move would bring one of BlackRock's largest and most established cash-management products directly onto a public blockchain for the first time.Building on BUIDL's successFriday's filings extend a tokenization strategy BlackRock has been building since 2024, when it launched its first tokenized money-market fund, BUIDL, in partnership with Securitize. BUIDL has since grown to approximately $2.5 billion in assets and has found a secondary use case across crypto markets as collateral for borrowing and leveraged trading — a development that has accelerated institutional demand for the product well beyond its original design.BlackRock CEO Larry Fink has been an outspoken advocate for tokenization as a mechanism for modernizing financial infrastructure, arguing that blockchain-based settlement can speed up transaction cycles, enable around-the-clock trading, and improve transparency across capital markets.The market context: $30 billion and growing fastThe two filings land as the tokenized real-world asset market crosses a significant milestone. The sector has grown more than 200% over the past year and now exceeds $30 billion in total value, according to data from rwa.xyz. A joint report by Boston Consulting Group and Ripple projected the market could reach $18.9 trillion by 2033 — a figure that, if realized, would represent one of the largest structural shifts in the history of financial markets.BlackRock's continued expansion into the space is both a validation of that trajectory and an acceleration of it. When the world's largest asset manager files twice in a single day to deepen its onchain footprint, it sends a signal to institutional peers, regulators, and crypto markets alike that tokenized finance is moving from experiment to infrastructure.