BlackRock’s Tokenized Funds Total $2.93B; Ethereum $1.1B
BlackRock’s tokenized funds total $2.93 billion onchain, with $1.1 billion settled on Ethereum; most assets sit in the BUIDL institutional money market fund.
BlackRock reported $2.93 billion in tokenized assets onchain, with about $1.1 billion settled on the Ethereum network. The bulk of those assets are held in the BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL.
BUIDL is a tokenized money market fund launched with an issuance platform in 2024. The fund holds cash, U.S. Treasury bills and repurchase agreements. Investor shares are represented as blockchain tokens that can settle around the clock. BUIDL began on Ethereum and has expanded to eight networks: Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos and BNB Chain.
Access to BUIDL is limited to qualified purchasers. Minimum investments are $5 million for individuals and $25 million for institutions. The fund is structured for institutional cash and collateral management while providing tokenized ownership that can move and settle 24/7. BlackRock described crypto and tokenization as themes driving markets in unprecedented ways in its 2026 outlook, and CEO Larry Fink has described tokenization as the next stage of market infrastructure.
On May 8, BlackRock filed with the U.S. Securities and Exchange Commission to launch two additional tokenized money market funds. BSTBL is proposed for issuance on Ethereum and BRSRV is planned for distribution across multiple blockchains. Both funds would invest in cash and short-term U.S. Treasuries and are targeted at stablecoin issuers and holders seeking a regulated option to earn yield on reserves.
Moody’s assigned BUIDL a AAA-mf rating in 2026 when the fund held about $2.58 billion in assets. That rating is the top grade Moody’s applies to tokenized money market products and is one reference institutional allocators use when deciding to commit capital.
The market for tokenized real-world assets has risen to roughly $34.5 billion, about double its size from a year earlier. Tokenized U.S. Treasury products have passed $15.2 billion. Ethereum remains the dominant settlement layer, hosting the majority of tokenized fund value across issuers.
Other financial firms are developing similar products. JPMorgan is preparing a second tokenized Treasury fund on Ethereum. Circle’s tokenized Treasury product has passed $3 billion in inflows. The Depository Trust & Clearing Corporation has enlisted BlackRock and Goldman Sachs for a July pilot to tokenize Russell 1000 stocks and Treasuries.
How quickly BlackRock’s reported onchain total rises will depend on SEC approval and launch timing for BSTBL and BRSRV, and on whether stablecoin issuers move more reserves into regulated tokenized Treasury products.
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