Stablecoins can’t pay yield by law. So, BlackRock filed something that legally isn’t a stablecoin.

On May 8, 2026, BlackRock filed two SEC registration statements.one turns a $7B Treasury money market fund (TFFXX) into a live token on Ethereum. The other launches a crypto-native Treasury vehicle that pays roughly 4% yield, accrued daily. Same plumbing as a stablecoin. The yield just stops at BlackRock instead of the holder.

Let’s unpack.