BlackRock Brings Blockchain to $150B Treasury Fund

​BlackRock is taking another bold step into blockchain—this time by embedding it directly into one of its crown jewels: a $150 billion money market fund.

The world’s largest asset manager just filed with the SEC to launch a blockchain-based share class—dubbed DLT, for "distributed ledger technology"—within its BLF Treasury Trust Fund​. The goal: streamline operations, speed up settlements, and start shifting traditional asset management infrastructure into the digital future.

The DLT shares won’t be full-on crypto tokens just yet, but they will tokenize fund ownership records, allowing for near-instant tracking and potentially faster settlements. The tech back end is powered by Bank of New York Mellon, which will manage the digital ledger and represent share ownership through tokenization.

This isn’t BlackRock’s first digital rodeo. Last year it launched a tokenized fund—BUIDL—and has since been pushing for tokenized assets to be used as collateral in crypto derivatives trades. CEO Larry Fink has said repeatedly that every financial asset will eventually be tokenized, calling traditional finance’s infrastructure “obsolete.”

BlackRock is charging an expense ratio of 0.17% for the new share class, though it’s waiving the fee until June 2027.

It’s part of a broader Wall Street trend: institutions like Franklin Templeton and JPMorgan are also experimenting with blockchain-based finance, looking to cut costs and disrupt settlement delays that have plagued the system for decades.

Of course, the blockchain version of the fund won’t completely replace traditional operations—yet. “It’s a step,” said Morningstar’s Bryan Armour. “Not a revolution. But the direction is clear.”

Bottom line:
BlackRock is turning words into action, using blockchain to modernize the plumbing of traditional finance. It may start small—but the ambition is enormous. This is Wall Street's slow-motion leap into the tokenized future.







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