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BlackRock files to create digital shares tracking one of its money market funds

Asset manager BlackRock has filed to create digital ledger technology shares from one of the firm’s money market funds, which will leverage blockchain technology to maintain a mirror record of share ownership for investors.

The DLT shares will track BlackRock’s BLF Treasury Trust Fund (TTTXX), which may only be purchased from BlackRock Advisors and The Bank of New York Mellon (BNY), the firm said in its April 29 Form N-1A filing with the Securities and Exchange Commission.

The money market fund holds over $150 million worth of assets, invested almost entirely in US Treasury bills and cash.

BlackRock said that the shares “are expected to be purchased and held through BNY, which intends to use blockchain technology to maintain a mirror record of share ownership for its customers.”

Unlike the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), DLT shares won’t be tokenized but will instead be used as a transparency tool to verify ownership.

BlackRock will continue to maintain traditional book-entry records as the official ownership ledger.

BlackRock didn’t propose a ticker or set a management fee for the DLT shares in its filing.

A minimum initial investment of $3 million worth of DLT is required for institutions seeking to purchase the digital shares.

BlackRock follows Fidelity’s March 21 filing to list an Ethereum-based OnChain share class, which seeks to track the Fidelity Treasury Digital Fund (FYHXX) — an $80 million fund consisting almost entirely of US Treasury bills.

While the OnChain share class filing is pending regulatory approval, Fidelity expects it to take effect on May 30.

Wall Street heavyweights continue to explore blockchain use cases

Asset managers have increasingly turned to blockchain to tokenize Treasury bills, bonds and private credit over the past few years.

Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost market

The treasury tokenization market is currently valued at $6.16 billion, led by BlackRock’s BUIDL at $2.55 billion, while the Franklin Templeton-issued Franklin OnChain US Government Money Fund (BENJI) secures over $700 million worth of real-world assets, according to rwa.xyz.

BlackRock files to create digital shares tracking one of its money market funds
Market caps of blockchain-based Treasury products. Source: rwa.xyz

Ethereum remains the chain of choice for tokenizing treasury assets, and currently houses over $4.55 billion worth, while the Stellar network and Solana round out the top three at $474.9 million and $274.5 million, respectively.

The potential of RWA tokenization has also been championed by BlackRock’s CEO, Larry Fink, who believes the technology could revolutionize investing.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

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Ed Davey reveals he has written to King to explain Trump state dinner boycott

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Ed Davey reveals he has written to King to explain Trump state dinner boycott

Sir Ed Davey has written to King Charles to explain why he believes he has to refuse his invite to a state banquet for Donald Trump.

The Lib Dem leader said on Wednesday he will be boycotting the dinner next month during the US president’s second state visit to the UK because of the situation in Gaza.

He told Sky News on Thursday: “I’ve written to him [the King] personally explaining my thinking.

“And it’s with deep regret that I’ve had to take the decision, but I feel with what is going on in Gaza, it’s the best way I can get my voice heard.”

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Sir Ed said the “sad truth” is Mr Trump is the “one man” who has the power to stop the “horrible famine in Gaza, could get the hostages released, could bring an end to this horrendous humanitarian crisis”.

He said the US president could do that by phoning up Israeli Prime Minister Benjamin Netanyahu and telling him to stop.

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The Lib Dem leader said Mr Trump could also call up the Qatari government and other Gulf states to get them to put pressure on Hamas to release the remaining 50 Israeli hostages (20 living, 30 dead) they took on 7 October 2023.

The King and Donald Trump during his first state visit in 2019. Pic: Reuters
Image:
The King and Donald Trump during his first state visit in 2019. Pic: Reuters

He emphasised that he has “huge respect” for the King and it was a very difficult decision he “really wrestled with” and involved him talking to his wife and praying about it.

Sir Ed denied it was political posturing and instead is one of the only ways he could get Mr Trump to listen.

“I didn’t want him to come to the UK without being reminded, as best I can, that he has that moral responsibility, frankly,” he added.

“And from what I’m picking up from many people, there are people across the political spectrum who agree with me and the Democrats that it is Donald Trump, it is the United States who has this power over Netanyahu, over Hamas, albeit indirectly, to stop this horrendous situation.”

Publicly refusing the King’s invite is “the best way I can get my voice heard,” Sir Ed said.

Read more:
British journalists demand action from PM over war in Gaza
Has Trump ended seven wars as he claims?

King Charles will host a state dinner for Donald Trump. Pic: PA
Image:
King Charles will host a state dinner for Donald Trump. Pic: PA

Tony Blair at White House Gaza meeting

While Sir Ed is choosing to snub Mr Trump to get his voice heard, former Labour prime minister Sir Tony Blair has been asked by the US president for help on Gaza.

Sir Tony joined a White House meeting on Wednesday, chaired by Mr Trump, to discuss the war in Gaza and post-war plans for the Palestinian territory, a senior White House official confirmed.

They were joined by Mr Trump’s former Middle East envoy and son-in-law, Jared Kushner, to also discuss the hostage crisis and plans to escalate food aid deliveries.

The official described it as “simply a policy meeting”.

In July, the Financial Times reported the Tony Blair Institute had participated in a project to develop a post-war Gaza plan, with the think tank having “had many calls with different groups on post-war reconstruction of Gaza but none included the idea of forcible relocation of people from Gaza”.

Sir Ed called on Sir Tony to be quizzed in parliament about his discussions with the Trump administration.

“If he has special insight into Trump’s intentions, it’s only right that parliament and the government are made privy to this,” he said.

“We must leverage all the information and resources at our disposal to make Trump do the right thing.”

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US regulator opens pathway for Americans to trade on offshore crypto exchanges

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US regulator opens pathway for Americans to trade on offshore crypto exchanges

US regulator opens pathway for Americans to trade on offshore crypto exchanges

The change is part of the Commodity Futures Trading Commission’s “crypto sprint,” an initiative to overhaul regulations in response to proposals from the Trump administration.

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US Government taps Chainlink, Pyth to publish economic data onchain

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US Government taps Chainlink, Pyth to publish economic data onchain

US Government taps Chainlink, Pyth to publish economic data onchain

The US government announced on Tuesday that it is publishing economic data onchain to boost transparency for government spending.

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