BlackRock has filed two separate registration statements with the SEC that extend its move into tokenized cash-management products.

The first filing covers a new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. The second would add OnChain Shares to the existing BlackRock Select Treasury Based Liquidity Fund, a short-term Treasury liquidity product BlackRock already offers through its cash-management lineup.

Both draft prospectuses keep the underlying portfolios conservative. In the new stablecoin reserve vehicle filing, BlackRock says the fund would invest entirely in cash, short-dated U.S. Treasury instruments, and overnight repurchase agreements backed by Treasuries. The same filing says Securitize Transfer Agent LLC would maintain the official ownership record through a permissioned system connected to public blockchains, paired with offchain records linking wallets to investor identities.

The second filing applies a similar structure to the Select Treasury Based Liquidity Fund. Its prospectus says BNY Mellon Investment Servicing (US) Inc. would maintain the official ownership record for the onchain share class on a public blockchain, again alongside an offchain shareholder register.

The important point is that these are not open crypto cash products in the usual sense. The filings describe permissioned, transfer-agent-controlled structures that keep traditional fund rules, investor checks, and Treasury-backed portfolios intact while moving the ownership record onto blockchain rails. That makes this a concrete infrastructure step from the world’s largest asset manager, not just another tokenization slogan.