A $6 Billion Treasury ETF Becomes Test Bed for Tokenized Finance

One of Wall Street’s most regulated asset classes is being pulled into the orbit of digital finance.

F/m Investments, the firm behind the $6.3 billion US Treasury 3-Month Bill ETF (ticker TBIL), has asked US regulators for permission to record existing shares on a blockchain, turning a slice of the Treasury market into a proving ground for tokenized ownership.

Tokenized shares are conventional assets — stocks, bonds or private loans — whose ownership records are maintained using blockchain software, often with the goal of faster, more automated settlement behind the scenes.

The application wouldn’t change what TBIL holds ...