Blackrock file to create digital tracking shares in one of its currency market funds
The Asset Manager Blackrock has filed to create digital ledger technology shares from one of the company’s currency market funds, which will get blockchain technology to maintain a glass record of sharing shares for investors.
DLT sharing is Track BlackRock’s Blf Treasury Trust Fund (TTTXX), which can only be purchased from BlackRock Advisors and the Bank of New York Mellon (BNY), the firm Says In his April 29 form n-1a filing with the Securities and Exchange Commission.
The money market fund holds more than $ 150 million worth of properties, invested almost to the US and cash bills.
Blackrock said the shares are expected to be purchased and held by BNY, which aims to use blockchain technology to maintain a glass record of sharing shares for its customers. “
Unlike the Blackrock USD Institutional Digital Liquidity Fund (BUIDL), DLT shares will not be explored but instead will be used as a transparency tool to prove the owner.
Blackrock will continue to maintain traditional book entry notes as the official ownership ledger.
Blackrock did not suggest a ticker or set a management fee for DLT sharing in its filing.
A minimum initial investment of $ 3 million worth of DLT is required for institutions that seek to buy digital shares.
Blackrock follows Fidelity’s March 21 Filing To list an Ethereum-based onchain sharing class, which aims to track Fidelity Treasury Digital Fund (FYHXX) —a $ 80 million funds composed Almost entirely in the bills of US Treasury.
While the onchain class filing is pending the regulation of regulation, Fidelity expects it to be effective on May 30.
Wall Street’s heavyweights continue to explore blockchain use cases
Asset managers are increasingly turned to the blockchain to gokeenize Treasury Bill, Bond and Private Credit Over the past few years.
Related: Blackrock Bitcoin ETF bought $ 970m at BTC as a flow, Boost Market
The Treasury tokenization market is currently worth $ 6.16 billion, led by Blaidl’s Blackrock to $ 2.55 billion, while Franklin Templeton released by Franklin Onchain US Government Money Fund (Benji) According to To RWA.XYZ.
The Ethereum remains a chain of choice for the ownership of the tokenizing Treasury, and is currently putting more than $ 4.55 billion worth, while the Stellar Network and Solana have spin the top three to $ 474.9 million and $ 274.5 million, respectively.
The potential of RWA’s tokenization is also champion of the CEO of Blackrock, Larry Fink, who believes that technology can change investment.
Magazine: Ethereum destroys competition in the race of tokenization tradfi tokenization
