BlackRock Launches Tokenized Money Market Funds on Ethereum
BlackRock plans to launch two tokenized money market funds on the Ethereum blockchain, targeting investors holding stablecoins instead of cash in bank accounts. The tokenized securities will operate alongside existing traditional shares.
One of the funds is the BlackRock Select Treasury Based Liquidity Fund (BSTBL), with a size of approximately $6.1 billion, investing in cash, U.S. Treasury bills/notes, and other securities with maturities of 93 days or less, using the ERC-20 token standard.
This move reflects the world's largest asset management company's view of the digital dollar economy as a lasting customer base. In 2024, it launched the USD Institutional Digital Liquidity Fund and expanded to multi-chains like Polygon, with further tokenization plans in 2026.
Source: Public Information
ABAB AI Insight
BlackRock's tokenization strategy is not an isolated action but a continuation and upgrade of the 2024 BUIDL Fund (Real World Assets tokenization), forming a "RWA tokenization + money market tokenization" dual product line aimed at migrating traditional asset management infrastructure on-chain.
Similar cases can be compared to Fidelity's launch of a tokenized treasury fund in 2025 and JPMorgan's Onyx platform processing over $10 trillion in on-chain transactions from 2023 to 2026—traditional financial institutions' adoption of blockchain has moved from "experimentation" to "scaled deployment".
In terms of capital strategy, BlackRock has chosen an "Ethereum-first + multi-chain expansion" approach: launching on Ethereum in 2024, expanding to Polygon/Avalanche/Aptos in the same year, and returning to Ethereum in 2026 to deepen its money market fund, reflecting its balance between "liquidity + security": Ethereum mainnet has the highest institutional adoption, but Layer 2 and sidechains offer cost optimization.
Essentially, this represents a restructuring of the industry chain: the asset management industry is shifting from "traditional custody + fiat settlement" to "on-chain tokenization + stablecoin settlement". The underlying mechanism is that stablecoin holders (crypto-native institutions, DeFi protocols, cross-border enterprises) need "on-chain cash management tools" rather than "fiat deposits and withdrawals", and BlackRock fills this gap.
ABAB News · Cognitive Laws
The endgame of traditional asset management: funds become ERC-20 tokens
Stablecoins are not speculative tools; they are infrastructure for institutional cash management
When BlackRock goes on-chain, the counterparties in DeFi shift from retail to asset management giants