BlackRock applies to the US SEC to implement Blockchain technology in its Treasury Trust Fund.

According to Bloomberg, global asset management giant BlackRock has filed an application with the U.S. Securities and Exchange Commission (SEC) (SEC) to create a blockchain-based stock class for BlackRock's BLF Treasury Trust, labeled as DLT, an abbreviation for distributed ledger technology. DLT will seek to utilize blockchain technology to record stock ownership or streamline certain fund operations for money market funds, which invest in high-quality, short-term U.S. Treasuries. DLT shares can only be purchased through Bank of New York Mellon (BNY), which plans to use blockchain technology to maintain a mirror record of stock ownership for its clients.