BlackRock Seeks SEC Approval for Blockchain-Based Stock Class

According to Foresight News, BlackRock, a global asset management giant, has submitted an application to the U.S. Securities and Exchange Commission (SEC) to create a blockchain-based stock class for its BLF Treasury Trust Fund. This new class, labeled DLT, aims to utilize blockchain technology to record stock ownership or streamline certain operations of the money market fund, which invests in high-quality short-term U.S. Treasury securities. The DLT shares will be exclusively available through BNY Mellon, which plans to use blockchain technology to maintain a mirrored record of stock ownership for its clients. This move follows BlackRock's previous launch of a tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), last year.