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BlackRock received regulatory authorization for the BlackRock HKD Digital Liquidity Fund on September 11, 2026. The Hong Kong-domiciled, Hong Kong-dollar money-market fund is BlackRock’s first tokenized offering in Hong Kong and Asia-Pacific, designed to run across traditional and digital financial channels rather than function as a speculative BlackRock crypto product.
This is not another exchange-traded crypto wrapper. It is a cash-management vehicle whose subscription and redemption plumbing has been rebuilt for a world where stablecoins and tokenized deposits sit alongside wire transfers, echoing the structure BlackRock previously tested through its tokenized Treasury fund work in the US.
🚨𝗝𝗨𝗦𝗧 𝗜𝗡:🇺🇸Bitcoin spot ETFs recorded a net outflow of $282.7M on September 10.
BlackRock clients sold $24,500,000 worth of bitcoin:native đź”´ pic.twitter.com/hLnbQda8fn
— DustyBC Crypto (@DustyBC) September 11, 2026
What the Fund Actually Holds and How Investors Access It
The Fund seeks to provide liquidity, stability, and income by investing in high-quality, short-term Hong Kong-dollar money-market instruments, including government bills and deposits, according to the primary announcement. Eligible investors can subscribe and redeem using fiat, tokenized deposits, or fiat-referenced stablecoins issued by entities licensed under Hong Kong’s Stablecoins Ordinance.
Central to that access is HKDAP, an on-chain Hong Kong-dollar-backed stablecoin issued by Standard Chartered-led Anchorpoint Financial Limited, which investors can use directly to move in and out of the fund. The launch marks Standard Chartered’s first commercial application as HKDAP’s bank distributor, with the bank also serving as the Fund’s custodian, administrator, and trustee, alongside tokenization-related responsibilities.
Notably, the Fund is described as the first Hong Kong-domiciled money-market fund to offer a constant net asset value (CNAV) to both institutional and retail investors in the local market. A CNAV structure aims to preserve capital and provide liquidity, though the source material stops short of guaranteeing either outcome. For scale context, BlackRock’s Cash Management Group oversees nearly USD 1.073 trillion in cash strategies across corporations, banks, foundations, insurers, and public funds.
BlackRock Crypto: Global Tokenization Playbook Extends East
The HKD Digital Liquidity Fund adds to BlackRock’s existing suite of tokenized money-market funds spanning the US, Europe, and Asia-Pacific. This positions Hong Kong as the latest node in a strategy the firm has been building since its earlier tokenized Treasury and cash products launched elsewhere.
Susan Chan, Head of APAC at BlackRock, said Hong Kong’s financial foundations and openness to responsible innovation made it a natural base for the firm’s next-generation investment solutions.
Dan Maley, Head of Cash Management, APAC at BlackRock, said the growth of digital cash and tokenized finance is generating new demand for high-quality products capable of supporting the digital financial ecosystem. Standard Chartered’s Ole Matthiessen, Global Head of Transaction Services & Digital Assets, said the launch reflects the bank’s belief in the transformative potential of tokenized money in the real-world economy.
BlackRock frames its participation in the Hong Kong Monetary Authority’s Project Ensemble initiative as supportive of the city’s broader tokenization ecosystem, including tokenized deposits.
The move also lands alongside a wider institutional push into regulated digital cash, a theme visible in the rapid expansion of dollar-referenced instruments like RLUSD’s market-cap growth and in BlackRock’s own expanding digital-asset product lineup.
