BlackRock has filed for two tokenized money-market funds aimed at stablecoin holders, choosing Ethereum (ETH) over the XRP Ledger as its primary venue.
BlackRock Files Two Tokenized Funds
The world's largest asset manager submitted the paperwork to the U.S. Securities and Exchange Commission on May 8, Bloomberg first reported.
The first product is a digital share class tied to the roughly $6.1 billion BlackRock Select Treasury Based Liquidity Fund, known as BSTBL.
Those tokenized shares will trade on Ethereum alongside the traditional share classes. The fund invests in cash, U.S. Treasury bills, notes and similar instruments maturing within 93 days.
The second vehicle is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, a newly created tokenized fund targeting investors who hold cash in stablecoins rather than bank accounts.
BRSRV will launch across multiple blockchains, though the filing does not specify whether the XRP Ledger is among them.
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XRP Ledger Sidelined Again
The filings extend BlackRock's onchain footprint, which already includes the BUIDL fund. BUIDL has grown to about $2.5 billion in assets and runs on several networks, with Ethereum holding the bulk of the supply.
Despite that reach, BlackRock has not extended BUIDL to the XRP Ledger, even as Ripple's stablecoin RLUSD serves as an off-ramp for the fund.
Bloomberg analyst James Seyffart has argued that BlackRock is unlikely to file a standalone XRP (XRP) ETF soon.
He sees an active crypto index fund as the more probable next step, which could include XRP alongside other assets.
XRPL Tokenization Still Climbs
The XRP Ledger has nonetheless posted sharp growth in tokenized value. RWA.xyz data shows the network's real-world asset value is up roughly 47% over the past 30 days to about $3.5 billion. Ethereum's tokenized real-world asset value sits at $16.8 billion, down 4% in the same period.
Trading activity on the ledger has also climbed.
Tokenized U.S. Treasury volume has crossed $352 million this year, up nearly fivefold from $70 million last year.
The broader tokenization market has expanded about 410% since 2025 to roughly $31 billion in total value, according to RWA.xyz. BlackRock has been a central force in that shift, and Chief Executive Larry Fink has repeatedly said every financial asset will eventually move onchain.
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