BlackRock’s tokenized crypto funds approach $3 billion

BlackRock is approaching $3 billion in assets tokenized on blockchain. The financial giant now manages $2.93 billion onchain, with Ethereum leading at $1.1 billion. This milestone confirms that institutional crypto is no longer limited to bitcoin ETFs. Indeed, it is also established in monetary funds, Treasury bills and liquidity management.

BlackRock reaches a new onchain level

BlackRock is accelerating in crypto with tokenized funds which now total $2.93 billion. This progression confirms the rise of tokenized funds in the strategy of large asset managers. The heart of the system remains BUIDL, the tokenized monetary fund launched with Securitize. It invests in cash, U.S. Treasuries and repo transactions. Its shares are represented in the form of tokens, which allows payment to be available continuously.

This model speaks to institutions. They obtain a product close to a traditional monetary fund, but with faster circulation on blockchain. Crypto serves here as infrastructure, not just a speculative asset. Ethereum still dominates BlackRock’s tokenized fund allocation with around $1.1 billion. The network therefore retains a central place in institutional tokenization, despite competition from Solana, Avalanche, BNB Chain and Polygon.

This choice is not trivial. Ethereum has a deep ecosystem, strong liquidity, and a long history in smart contracts. For a manager like BlackRock, these elements matter as much as the raw speed of a network.

BUIDL, however, has overtaken Ethereum. The fund now spans eight blockchains, including Solana, Avalanche, Polygon, Arbitrum, Optimism, Aptos and BNB Chain. BlackRock is therefore not betting on a single channel. It tests a multi-network presence, where institutional liquidity can circulate. This approach reflects a simple reality. Tokenized finance does not want to choose a technical chapel too early. It seeks solid, interoperable and compliant rails.

BUIDL attracts traditional finance to crypto

BUIDL has become one of the most followed products in tokenization. Its AAA-mf rating awarded by Moody’s reinforces its credibility with major allocators. In traditional finance, this type of rating can weigh heavily before any investment decision.

However, access remains restricted. Qualified investors must meet high thresholds, with several million dollars minimum. The product is therefore not yet aimed at the general public, but at treasuries, funds and institutional players.

BlackRock is also moving towards new funds. The manager has filed two additional projects with the SEC: BSTBL on Ethereum and BRSRV on several blockchains. These products would mainly target holders and issuers of stablecoins.

The objective is to capture the liquidity already present onchain. Stablecoins are worth hundreds of billions of dollars. A part of these reserves seeks regulated yield, without completely leaving the crypto universe.

Tokenization becomes a market of global competition

BlackRock is not moving forward alone. JPMorgan is also preparing new tokenized Treasury products. Circle develops USYC. DTCC is working with BlackRock and Goldman Sachs on a pilot around Russell 1000 stocks and Treasuries.

This movement confirms that tokenization is entering a more serious phase. The first assets to migrate are not the most exotic. These are cash, short bonds and collateral instruments. Finance starts by tokenizing what it already uses every day.

The market for tokenized real assets now exceeds several tens of billions of dollars. Tokenized Treasury bills have also crossed an important threshold, beyond 15 billion. Crypto therefore becomes a settlement layer for assets that existed long before it.

The real challenge remains distribution. As long as these products remain reserved for qualified investors, their impact on the general public remains limited. But their adoption by BlackRock, Securitize, JPMorgan or Circle sets a new standard.

BlackRock is now seeking to do in crypto what it achieved with ETFs: transform a technical idea into a massive financial product. If its new funds obtain the regulatory green light, the 3 billion mark could quickly become a secondary milestone. The battle will then be fought over liquidity, compliance and the ability of tokenized assets to become ordinary Wall Street infrastructure.