BlackRock Expands On-Chain Fund Products, RWA Grew 200% Last Year
BlackRock has submitted an application to further expand its on-chain fund product line.
Real World Assets (RWA) grew by 200% last year, as the world's largest asset management company accelerates the on-chain transition of traditional financial assets. BitGo CEO Mike Belshe stated that asset tokenization is the most significant structural change in capital markets in decades and is still in the early stages of execution.
The focus of infrastructure competition has shifted to 'who will do it' and 'how to ensure security,' as traditional asset management giants and crypto custody platforms work together to enhance liquidity and settlement efficiency, leading to an accelerated influx of institutional funds into on-chain RWA products.
Source: Public Information
ABAB AI Insight
BlackRock previously launched tokenized money market funds like BUIDL on Ethereum, and this expansion application continues its path from pilot to scaled deployment. BitGo, as a leading crypto custody institution, is deeply involved in the infrastructure development of such institutional-level RWA products.
In terms of capital pathways, BlackRock leverages its trillions in AUM to tokenize traditional assets like government bonds and money market funds, achieving 24/7 settlement and programmability on-chain, attracting institutional funds from traditional custody to hybrid on-chain products, while custodians like BitGo secure service revenue through compliant hot and cold wallet technologies.
Similar actions from traditional giants like Franklin Templeton and JPMorgan indicate that RWA is in the mid-to-late stage of transitioning from proof of concept to mainstream institutional allocation, with the 200% growth in 2025 marking a turning point from marginal experimentation to core infrastructure.
Structural judgment: This essentially belongs to the reconstruction of the industrial chain. Giants like BlackRock are migrating traditional financial assets on-chain, where the mechanism of tokenization reduces settlement costs, enhances transparency and programmability, pushing liquidity and pricing power from centralized custody systems to blockchain infrastructure, accelerating the deep integration of traditional capital and crypto markets.
ABAB News · Cognitive Law
Without traditional giants entering the market, RWA is merely an experiment; once they come in, new rules apply.
A 200% growth is not a peak, but just the train starting to move.
Whoever controls on-chain security and custody will hold the pricing power for the next trillion-dollar capital migration.