BlackRock Applies to the US SEC to Implement Blockchain Technology in Its Treasury Trust Fund

According to Bloomberg, global asset management giant BlackRock has submitted an application to the U.S. Securities and Exchange Commission (SEC) to create a blockchain-based share class for the BlackRock BLF Treasury Trust Fund, labeled as DLT, which stands for Distributed Ledger Technology. DLT will seek to utilize blockchain technology to record stock ownership or streamline certain fund operations of the money market fund, which invests in high-quality short-term U.S. Treasury securities. DLT shares can only be purchased through BNY Mellon, which plans to use blockchain technology to maintain a mirrored record of stock ownership for its clients.