与SEC的贝莱德文件一起创建了新类别的数字分类帐技术共享类别

BlackRock向美国SEC提交，以创建新的数字分类帐技术份额。该应用程序强调了华尔街日益增加的区块链的拥抱。

BlackRock has filed with the U.S. Securities and Exchange Commission (SEC) to create a new category of digital ledger technology (DLT) shares. These shares will be tied to the BLF Treasury Trust Fund (TTTXX), offering institutional investors enhanced ownership transparency. While the shares remain untokenized, they demonstrate a significant step toward integrating blockchain solutions into legacy asset management. The proposal also signals BlackRock’s broader readiness to leverage blockchain for improved fund management.

BlackRock已向美国证券交易委员会（SEC）提交，以创建新的数字账本技术（DLT）股份。这些股票将与BLF财政信托基金（TTTXX）相关，从而为机构投资者提供了增强的所有权透明度。尽管股票仍未使用，但它们展示了将区块链解决方案集成到旧资产管理中的重要一步。该提案还表示，贝莱德的更广泛准备就绪，以利用区块链来改善基金管理。

How do DLT shares differ from fully tokenized assets?

DLT股票与完全代币化的资产有何不同？

Instead of facilitating on-chain trading or settlement, these shares will provide a mirrored blockchain record. BlackRock plans to use this ledger system, which will be maintained by The Bank of New York Mellon. This approach signals a cautious adoption of distributed ledger technology rather than a complete asset tokenization.

这些股份不会促进链接交易或结算，而是提供镜像区块链记录。 BlackRock计划使用此分类帐系统，该系统将由纽约梅隆银行维护。这种方法标志着分布式分类帐技术的谨慎采用，而不是完整的资产令牌化。

Investors will still benefit from a familiar risk profile, as the fund holds over $150 million in U.S. Treasury bills. No ticker symbol or fee details have been released yet, suggesting that these initiatives remain in early development.

投资者仍将从熟悉的风险状况中受益，因为该基金持有超过1.5亿美元的美国财政账单。尚未发布股票符号或费用细节，这表明这些举措仍处于早期发展。

This initiative differs from BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), a fully tokenized offering. The DLT shares aim to enhance ownership transparency without altering traditional ledgers. BlackRock digital shares won’t replace official records but serve as a supplemental blockchain-based tool. The firm emphasized that BNY will use blockchain solely to support, rather than supplant, the primary ownership ledger.

该计划与BlackRock的USD机构数字流动性基金（BUIDL）不同，该基金是一种完全令牌的产品。 DLT股票旨在提高所有权透明度而不改变传统分类帐。 BlackRock Digital Share不会取代官方记录，而是用作基于补充区块链的工具。该公司强调，BNY将仅使用区块链来支持而不是取代的主要所有权分类帐。

A minimum $3 billion investment is required, indicating that the product is targeted at institutional clients rather than retail investors. By maintaining existing infrastructures, the approach minimizes operational disruptions for fund administrators.

至少需要进行30亿美元的投资，这表明该产品针对机构客户而不是零售投资者。通过维护现有的基础架构，该方法可以最大程度地减少基金管理员的运营中断。

How is blockchain changing the way institutions invest?

区块链如何改变机构投资方式？

BlackRock digital shares reflect broader shifts within financial markets. Recently, Fidelity applied for an Ethereum-based OnChain share class tied to its $80 million Fidelity Treasury Digital Fund. This parallel move highlights stronger institutional faith in blockchain ownership.

BlackRock数字股份反映了金融市场内的更大变化。最近，Fidelity申请了基于以太坊的OnChain股份阶级，与其耗资8000万美元的Fidelity国库数字基金相关。这种平行的举动突出了区块链所有权方面的制度信仰。

Although awaiting regulatory approval, Fidelity’s planned May launch implies growing momentum. Institutional enthusiasm for tokenized funds underscores blockchain’s expanding role in traditional investments. As major asset managers integrate blockchain solutions, next-generation fund structures gain mainstream credibility. These developments collectively signal a significant industry pivot toward next-generation asset structures.

尽管等待监管机构的批准，但富达计划的计划可能会发起，这意味着增长的势头。对令牌化基金的机构热情强调了区块链在传统投资中的不断扩展的作用。随着主要资产管理人员整合区块链解决方案，下一代基金结构获得了主流信誉。这些事态发展统一指出了针对下一代资产结构的重要行业。

Graph 1, market caps of blockchain-based Treasuries, published on rwa.xyz, April 30, 2025

图1，基于区块链的国债的市值，于2025年4月30日在rwa.xyz上发布

The change to BlackRock digital shares is a sign of the rise of blockchain in finance and the growing interest in treasury tokenization. According to Graph 1, Tokenized Treasuries now exceed $6.16 billion in market value. BlackRock’s BUIDL dominates with $2.55 billion in holdings, while Franklin Templeton’s BENJI fund follows with over $700 million managed. This growth showcases the adoption of blockchain for tangible financial instruments rather than speculative tokens. Offering greater liquidity, efficiency, and broadened market access, treasury tokenization is transforming institutional finance.

BlackRock数字股票的变化表明，财务区块链的兴起以及对国库令牌化的兴趣日益增长。根据图1，标记的国债现在超过61.6亿美元的市场价值。贝莱德（BlackRock）的Buidl拥有25.5亿美元的股份，而富兰克林·邓普顿（Franklin Templeton）的本吉基金会（Benji Fund）则以超过7亿美元的管理。这种增长展示了针对有形金融工具而不是投机令牌的区块链的采用。提供更大的流动性，效率和扩大市场获取，国库令牌化正在改变机构融资。

Is the future of finance revolving around tokenization?

金融的未来是否围绕着令牌化？

BlackRock CEO Larry Fink has strongly championed transformations like the BlackRock digital shares move. In his annual investor letter, Fink stated that tokenization could reshape investing through instant settlements and no market closures. He noted that billions of dollars are currently stuck in slow settlement processes and could be redeployed. This capital release may enhance efficiency and spur wider economic growth. By freeing idle funds, tokenization promises more fluid markets and greater investor opportunities. Fink believes that seamless transactions could operate outside traditional settlement windows. He highlighted that tokenization will unlock new capital deployment strategies across global markets.

BlackRock首席执行官拉里·芬克（Larry Fink）强烈倡导了诸如BlackRock Digital Shares Move之类的转型。 Fink在他的年度投资者信中指出，令牌化可以通过即时定居点进行重塑投资，而没有市场关闭。他指出，目前数十亿美元陷入了缓慢的和解过程中，可以重新部署。这种资本释放可能会提高效率并刺激更广泛的经济增长。通过释放空闲资金，令牌化承诺将提供更多的流畅市场和更多的投资者机会。 Fink认为，无缝交易可以在传统的定居窗口之外运行。他强调，令牌化将解锁全球市场的新资本部署策略。

Fink emphasized that tokenization can democratize investing by enabling fractional ownership and digitally protecting shareholder rights across markets. This vision aligns with BlackRock’s broader efforts to expand access to financial tools through continuous innovation. The BlackRock CEO cautioned that current tokenized systems lack adequate identity verification infrastructure for truly secure transactions. Without a robust verification framework, tokenized assets will remain constrained despite their vast potential. He also warned that until these verification gaps are addressed, few people will use or want to use tokenized assets. He urged improvements to infrastructure before tokenization can achieve mainstream adoption.

Fink强调，令牌化可以通过启用分数所有权并在市场上保护股东权利来使投资民主化。这种愿景与贝莱德（BlackRock）的更广泛努力相吻合，以通过连续创新扩大对财务工具的访问权限。贝莱德首席执行官警告说，当前的令牌化系统缺乏足够的身份验证基础架构来实现真正的安全交易。如果没有强大的验证框架，尽管具有巨大的潜力，也会将标记资产仍然受到限制。他还警告说，在解决这些验证差距之前，很少有人会使用或想使用令牌化资产。他敦促对基础设施进行改进，然后再实用可以实现主流采用。

Why are companies embracing digital shares?

为什么公司拥抱数字股份？

Global financial heavyweights like JPMorgan, State Street, and Franklin Templeton are increasingly integrating blockchain technology into their operations, launching cutting-edge initiatives to tokenize traditional assets and boost fund transparency through distributed-ledger technology. These institutions are highlighting the varied benefits of blockchain, extending beyond cryptocurrencies to include compliance, rapid settlement, risk management, and investor protection. Their engagement lends credibility to a sector once viewed as fringe or speculative.

摩根大通，州街和富兰克林·邓普顿（Franklin Templeton）等全球金融重量级人物越来越多地将区块链技术整合到他们的运营中，启动了尖端计划，以通过分布式LEDGER技术来引起传统资产并提高基金透明度。这些机构强调了区块链的各种好处，扩展了超越加密货币，包括合规性，快速解决，风险管理和投资者保护。他们的参与使一个行业的信誉曾经被视为边缘或投机性。

As DLT shares and related innovations gain momentum, asset management strategies are evolving toward a more transparent, efficient future. These projects transform traditional fund operations and strengthen stakeholder trust in digital ecosystems.

随着DLT股票和相关创新的势头，资产管理策略正在发展朝着更加透明，有效的未来发展。这些项目改变了传统的基金运营，并加强了数字生态系统中利益相关者的信任。

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