BlackRock Picks Ethereum for Tokenized Treasury Funds, Snubbing XRP Ledger

BlackRock has filed for two tokenized money-market funds aimed at stablecoin holders, choosing Ethereum (ETH) over the XRP Ledger as its primary venue.

The world's largest asset manager submitted the paperwork to the U.S. Securities and Exchange Commission on May 8, Bloomberg first reported.

One fund 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 traditional share classes, with the fund investing 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.