A Multichain Footprint Anchored by BUIDL

The bulk of Blackrock’s onchain assets sit in the Blackrock USD Institutional Digital Liquidity Fund (BUIDL), the tokenized money market fund it launched with issuance platform Securitize in 2024. The fund holds cash, U.S. Treasury bills, and repurchase agreements, and represents investor shares as blockchain tokens that can settle around the clock.

BUIDL began on Ethereum and has since expanded across eight networks, including Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos, and BNB Chain. Access remains restricted to qualified purchasers, with minimum investments of $5 million for individuals and $25 million for institutions.

Blackrock has been explicit about the strategy with the firm naming crypto and tokenization as themes “driving markets in unprecedented ways” in its 2026 outlook, and Chief Executive Larry Fink repeatedly framing tokenization as the next stage of market infrastructure.

Moreover, as Bitcoin.com News reported recently, Moody’s assigned BUIDL its top AAA-mf money market rating when the fund held $2.58 billion in assets under management, a stamp institutional allocators typically require before committing capital.

New Funds Target Stablecoin Cash

The $2.93 billion figure also captures Blackrock’s newer products, as the asset manager filed with the Securities and Exchange Commission (SEC) on May 8 to launch two additional tokenized money market funds, namely BSTBL on Ethereum and BRSRV across multiple blockchains. Both invest in cash and short-term U.S. Treasuries and are designed to give stablecoin issuers and holders a regulated way to earn yield on reserves.

That positions Blackrock to capture cash that already lives onchain. Stablecoins hold well over $100 billion in aggregate reserves, and issuers have increasingly parked backing assets in tokenized Treasury products rather than traditional accounts.

The Tokenization Race Accelerates

From the outside looking in, Blackrock’s growth tracks a broader boom. The tokenized real-world asset ( RWA) market, for instance, has climbed to roughly $34.5 billion, doubling over the past year, while tokenized U.S. Treasury products recently surpassed $15.20 billion (with BlackRock and Circle leading inflows). Ethereum remains the dominant settlement layer for the sector, hosting the majority of tokenized fund value across issuers.

Competition is thickening as well, with JPMorgan preparing a second tokenized Treasury fund on Ethereum and Circle’s USYC topping $3 billion. Moreover, the Depository Trust and Clearing Corporation (DTCC) has enlisted Blackrock and Goldman Sachs for a July pilot tokenizing Russell 1000 stocks and Treasuries. Each entrant reinforces the same thesis, i.e. money market cash and collateral are moving onchain first.

Looking ahead, SEC approval and launch timing for BSTBL and BRSRV will determine how fast Blackrock’s onchain total climbs from here and whether the firm can convert its early lead in tokenized cash management into the kind of dominance it already enjoys in exchange-traded funds (ETFs).