Eligibility file · Money-market fund

BNY Dreyfus On-Chain Liquidity Fund (BCLXX), BLIQUID token

What the client owns

Share of a registered government money market fund under Rule 2a-7, priced to hold $1.00, holding Treasury bills due within 93 days, overnight Treasury repos, and cash; one token is one share and the token is the official record. Issuer direct: The on-chain record is the securityholder file; the holder is the registered owner.

Who may hold it

US accredited investors. First purchase $3,000. The prospectus designs the fund “for purchase by stablecoin issuers and institutional investors” and says shares “are generally not eligible for retirement plans or individual investors.” It sets no accredited-investor test. We classify the fund at the accredited-investor level because it admits no individuals. The minimum first and later investment is $3,000, which the fund may change. Every holder needs a wallet kept by a provider the transfer agent accepts, and the fund does not support self-custodied wallets. BNY’s launch release names Anchorage Digital, BitGo Bank & Trust, and BNY itself as the providers. Institutions may also hold through a bank, broker-dealer, or adviser in a fully disclosed account.

Who can freeze or claw back

The transfer agent freezes the tokens when it receives a redemption order, then removes them. No contract is public, so Ketju cannot read the keys yet.

How a holder redeems

Redeem with the fund at NAV by the daily cutoff (17:00 America/New_York). Orders go through the Portal at any hour and are processed when the fund is open. The fund strikes NAV hourly from 8 a.m. to 5 p.m. Eastern. A redemption accepted by the last NAV of the day is normally wired in federal funds the same day; one accepted later is wired the next business day. The transfer agent freezes the tokens on receipt of the order and then removes them. Proceeds may take up to seven days in stress, and the fund may pay in securities. The fund does not yet offer redemption by sending tokens to a burn address. Wallet providers may convert the dollars to stablecoins outside the fund. Settles in USD.

Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.

The verdict is on the memo: BNY Dreyfus On-Chain Liquidity Fund (BCLXX), BLIQUID token Not approved

Issuer

BNY Dreyfus On-Chain Liquidity Fund, a series of Dreyfus Government Cash Management Funds (CIK 740766, file 811-03964; series S000105981); BNY Mellon Investment Adviser, Inc. as adviser; Dreyfus, a division of Mellon Investments Corporation, as sub-adviser; BNY Mellon Securities Corporation as distributor; BNY Mellon Transfer, Inc. as transfer agent with BNY Mellon Investment Servicing (US) Inc. as sub-transfer agent; Ernst & Young LLP as auditor

Registration

Registered fund (’40 Act)

Official record

BNY Mellon Transfer, Inc. (SEC-registered transfer agent, file 084-06102), with BNY Mellon Investment Servicing (US) Inc. as sub-transfer agent; the blockchain book-entry tokens are the official record and an off-chain copy is reconciled at least daily, SEC-registered transfer agent

Instruments

BLIQUID

Chains

None

Reviewed

2026-09-25

Next review

2026-12-24

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

A share of the fund; the token is the book-entry record of that share and not a separate security.

“Book-Entry Tokens are book-entry records of the Shares of the Fund and do not represent a separate or derivative security.”

SEC EDGAR: Amendment No. 2 to the BNY Mellon Transfer, Inc. transfer agency agreement, Schedule H Digital Share Services (filed 25 September 2026 as EX-99.h to a 485BPOS) · Schedule H, section 7.1 · words found 2026-09-25

Who may hold it

Stablecoin issuers and institutions, for themselves or through a bank, broker-dealer, or adviser.

“The fund is designed for purchase by stablecoin issuers and institutional investors.”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Fund Summary, Purchase and Sale of Fund Shares · words found 2026-09-25

Who may hold it

Individuals and retirement plans generally may not invest.

“Shares of the fund are generally not eligible for retirement plans or individual investors.”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Shareholder Guide, Buying and Selling Shares · words found 2026-09-25

First purchase minimum

$3,000 first investment and $3,000 for each later one.

“The fund’s minimum initial investment is $3,000. The fund’s minimum subsequent investment is $3,000.”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Shareholder Guide, Buying and Selling Shares · words found 2026-09-25

Account types

A wallet kept by a provider the transfer agent accepts; a holder may not keep the key.

“the wallet must be maintained by a digital wallet provider (self-custodied wallets are not supported at this time)”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Fund Summary, Use of Blockchain, wallet provider criteria (i) · words found 2026-09-25

Account types

At launch the accepted providers are Anchorage Digital, BitGo Bank & Trust, and BNY.

“Eligible investors that have a digital wallet maintained for them by digital custody providers, Anchorage Digital or BitGo Bank & Trust, N.A., or directly by BNY, can invest in the fund.”

BNY Investments: BNY Investments Launches Its First Native Blockchain Product, BLIQUID by BNY (4 August 2026) · Page 1, fourth paragraph · words found 2026-09-25

Who it may be transferred to

Holder to holder at any hour, but only between allow-listed wallets on the same chain. The transfer agent may reject and reverse a transfer.

“The book-entry tokens may only be transferred to another allow-listed wallet within the closed-ecosystem of allow-listed wallets on the same blockchain.”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Fund Details, Use of Blockchain, Share Recording · words found 2026-09-25

How a holder redeems

A redemption accepted by the last NAV of the day is normally wired the same day.

“If a request for redemption is received and accepted by the fund by the time of day at which the fund determines its last NAV, the proceeds of the redemption ordinarily will be transmitted by wire in federal funds on the same day, and the shares will not receive the dividend declared on that day.”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Shareholder Guide, How to Sell Shares · words found 2026-09-25

Who keeps the official record

The blockchain is the official record. The fund issues no certificates, and an off-chain copy is kept and reconciled at least daily.

“Share ownership is officially recorded on the blockchain, as described above; therefore, no share certificates will be issued.”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Shareholder Guide, How to Buy Shares · words found 2026-09-25

What the issuer says it can freeze or take back

The transfer agent freezes the tokens when it receives a redemption order, then removes them.

“If you place a redemption order via the Portal, the Transfer Agent will freeze the book-entry tokens in your wallet upon receiving the instruction and will subsequently remove the book-entry tokens from your wallet.”

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · Shareholder Guide, How to Sell Shares, Through the Portal · words found 2026-09-25

What the issuer says it can freeze or take back

The transfer agent may freeze, cancel, correct, mint, or burn tokens for errors, security incidents, sanctions, or bankruptcy, as agreed with the fund.

“Freeze, cancel, correct, amend, mint, or burn Book-Entry Tokens to address errors, security incidents, legal process (including sanctions or bankruptcy), or conform such actions to the Master Shareholder Registry and the BNY TA System, as mutually agreed upon by the parties.”

Fact	Answer
Who onboards the holder	issuer
Voting rights	Yes
Distributions	new tokens
SIPC coverage of the wallet	No

The transfer agent’s SEC record

A transfer agent registers with the SEC on Form TA-1 and reports each year on Form TA-2: how many securityholder accounts it keeps and for how many issues it keeps the master securityholder file, the list that says who owns each share.

Agent	SEC file	On EDGAR since	TA-2 period	Accounts	Issues with master file	Work it hires out
BNY MELLON TRANSFER INC	084-06102	2004-03-29	2025-12-31	140,982	0	BNY Mellon Investment Servicing (US) Inc.
BNY Mellon Investment Servicing (US) Inc.	084-01761	2002-03-21	2025-12-31	2,971,312	5,310	BNY Mellon International Operations (India) Private Ltd; ExlService Phillippines, Inc.; ExlService.com, LLC

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

No token contract for this program is public, so Ketju cannot yet read anything from the chain. The issuer’s own statement of its powers is quoted above. Ketju will read the contract on the day the issuer publishes it.

Where it trades

Venue	Kind
BNY Active Investor Portal (dreyfus.com)	issuer primary

Redemption

Route	Cutoff	Settlement	Settles in
Redeem with the fund at NAV by the daily cutoff	17:00 America/New_York	Orders go through the Portal at any hour and are processed when the fund is open. The fund strikes NAV hourly from 8 a.m. to 5 p.m. Eastern. A redemption accepted by the last NAV of the day is normally wired in federal funds the same day; one accepted later is wired the next business day. The transfer agent freezes the tokens on receipt of the order and then removes them. Proceeds may take up to seven days in stress, and the fund may pay in securities. The fund does not yet offer redemption by sending tokens to a burn address. Wallet providers may convert the dollars to stablecoins outside the fund.	USD

Review triggers

BNY publishes the BLIQUID contract address on Ethereum or Solana, or an explorer ties a token to the fund; Ketju then reads the contract and records who can freeze, pause or upgrade it
A prospectus supplement changes who may hold, the $3,000 minimum, the wallet providers, the chains, or offers redemption to a burn address
A Form N-MFP3 shows a second holder category, a redemption, or net assets away from $25 million
BNY Mellon Transfer, Inc. amends the Digital Share Procedures in a way the fund discloses, or Schedule H is amended again
The fund converts Digital Shares to standard shares under Schedule H section 11, or the board elects a once-daily NAV

Daily checks

No contract is public yet, so Ketju has nothing to read on chain. Ketju reads the documents quoted above every day and opens a review when any of them changes; that is how Ketju learns of a newly published contract. Ketju adds the contract to its daily checks on the day it is published. Ketju reads EDGAR for the transfer agent’s registration.

File history

Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.

Date	Change
2026-09-25	Filed.

Sources

SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund prospectus and SAI dated 24 July 2026 (497, filed 29 July 2026) · primary · accessed 2026-09-25
Supports: government money market fund under Rule 2a-7, blockchain entries are the official record, daily reconciliation, Ethereum and Solana, allow-listed custodial wallets, stablecoin issuers and institutional investors, not for individuals, $3,000 minimum, hourly NAV, same-day wire, freeze on redemption, peer-to-peer transfer, clawback, fees and waiver, dividends reinvested, SIPC
SEC EDGAR: BNY Dreyfus On-Chain Liquidity Fund summary prospectus (497K, filed 29 July 2026) · primary · accessed 2026-09-25
Supports: ticker BCLXX, purchase and sale of fund shares, principal risks
SEC EDGAR: Amendment No. 2 to the BNY Mellon Transfer, Inc. transfer agency agreement, Schedule H Digital Share Services (filed 25 September 2026 as EX-99.h to a 485BPOS) · primary · accessed 2026-09-25
Supports: fund designated a Digital Fund, tokens are book-entry records, not a separate security, Master Shareholder Registry represented by the token, freeze, cancel, mint, burn, reissue, smart contracts owned solely by BNYMTI, procedures amendable without fund consent, conversion to standard shares, no custody relationship, stablecoin mint and burn
SEC EDGAR: Dreyfus Government Cash Management Funds, Post-Effective Amendment No. 88 (POS EX, filed 15 September 2026) · primary · accessed 2026-09-25
Supports: registration file numbers, certificate of designation, management and distribution agreements amended 26 May 2026, Morgan Lewis opinion
SEC EDGAR: Form N-MFP3 for BNY Dreyfus On-Chain Liquidity Fund, August 2026 · primary · accessed 2026-09-25
Supports: $25,000,000 net assets, one subscription on 3 August 2026, one beneficial holder category, Treasury bills and one repo, WAM 16 days, seven-day net yield, BNY Mellon Transfer Inc as transfer agent
BNY Investments: BNY Investments Launches Its First Native Blockchain Product, BLIQUID by BNY (4 August 2026) · primary · accessed 2026-09-25
Supports: launch date, Anchorage Digital, BitGo, and BNY as wallet providers, Ethereum and Solana, shares issued natively on chain, LiquidityDirect support anticipated
Dreyfus: Digital Liquidity Solutions (BLIQUID page) · primary · accessed 2026-09-25
Supports: one token is one share, 24/7 transfers between allow-listed wallets, Active Investor Portal, institutional investors only
Dreyfus: BLIQUID by BNY brochure · primary · accessed 2026-09-25
Supports: 1 BLIQUID token = 1 share, USDC-to-USD conversion where enabled, burn wallet, for institutional investors only

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