Wall Street giant BlackRock doubles down on betting on RWA! Plans to issue two tokenized currency-based funds targeting stablecoin cash pools.

BlackRock Inc., the world's largest asset management giant, plans to launch two large money market funds specifically designed for institutional/investors who hold cash in stablecoin assets rather than commercial bank accounts. This also indicates that the world's largest asset management company believes there is a persistent and large customer base in the digital dollar economy. BlackRock's move highlights the institution's further bet on the wave of Real-World Assets (RWA) and asset tokenization. Stablecoins, which have been increasingly popular since 2025, are one of the most typical and foundational forms of RWA, especially fiat-backed stablecoins. Stablecoins have successfully validated on-chain payment pathways and "on-chain finance" logic (on-chain finance is also referred to as a subset of the RWA wave), and even traditional banking giants are planning to issue their own stablecoins. In addition, for traditional banking giants like JPMorgan Chase, the broader trend of RWA tokenization can significantly broaden revenue sources for financial business and further explore blockchain efficiency dividends within the compliance framework. The New York-based asset management giant BlackRock has submitted regulatory filings to launch a digital share category linked to the approximately $6.1 billion BlackRock Select Treasury Based Liquidity Fund (BSTBL), which invests in cash, U.S. Treasury securities, notes, and other short-term cash securities assets with maturities not exceeding 93 days. Tokenized securities will be provided on the Ethereum blockchain and will operate alongside existing traditional equity asset categories. The other new tool, called BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), will be a newly created tokenized money market fund targeted at a growing group of investors who manage their digital financial assets through cryptocurrency wallets and stablecoins rather than traditional broker channels. According to the filing submitted to the U.S. Securities and Exchange Commission on Friday, the fund will launch on multiple blockchains. The RWA/asset tokenization wave mainly involves converting traditional assets such as stocks, bonds, or private loans into blockchain-based tokenized asset types that grant partial ownership. As Wall Street financial giants continue to vie for native digital capital, this has become one of the hottest asset expansion trends. BlackRock's filing comes at a time when the digital currency regulatory bill, the "Genius Bill," is passed and actively implemented - this bill establishes a federal regulatory framework to regulate stablecoins pegged to the U.S. dollar or digital tokens pegged to the U.S. dollar - accelerating demand for native blockchain reserve assets. As more stablecoins enter the market, issuers are seeking large-scale on-chain reserve funds that comply with Genius requirements and achieve tokenization to allow for round-the-clock trading and near-real-time settlement. According to data provider rwa.xyz, the total market value of tokenized assets has surged by about 410% to around $31 billion since 2025. While this area is still relatively small compared to the tens of trillions held by mutual funds and exchange-traded funds, supporters believe growth will continue in the future. BlackRock is one of the early participants in this space, with its flagship fund the BlackRock USD Institutional Digital Liquidity Fund (code BUIDL) currently at around $2.5 billion. This was BlackRock's first tokenized fund issued on a public chain, primarily investing in short-term U.S. dollar assets like Treasuries, repurchase agreements, and cash. BUIDL was launched earlier in 2024 and has grown to become one of the largest funds in its category. BlackRock's foray into the tokenization wave is driven by CEO Larry Fink, who has repeatedly stated that every financial asset will eventually be tokenized - a view he reiterated in his recent annual letter to investors. Therefore, the preparation for launching two new tokenized money market funds is not BlackRock's first attempt but a continuation of its efforts in RWA after BUIDL, betting on RWA becoming the core financial pipeline of the digital dollar economy and striving to transition tokenized U.S. Treasury/currency funds from "experimental products" to larger institutional cash management tools. Its helmsman Larry Fink has also emphasized multiple times that in the future, stocks, bonds, and funds could all be tokenized. The focus of these two tokenized money market funds is not on "speculating on currency" but on moving traditional low-risk cash management tools - U.S. Treasuries, cash, short notes, and money market fund shares - to the chain, making them compatible with stablecoin holders, cryptocurrency wallet users, stablecoin issuers, and on-chain institutional funds, focusing on starting with the most easily accepted short-term, highly liquid, low credit-risk assets, especially tokenized U.S. Treasuries and money market funds. In other words, BlackRock is transforming "money market funds" into on-chain reserve assets and cash management foundations in the digital U.S. dollar system.