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.

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