Bitcoin
Crypto industry converges with banking through stablecoin reserves and tokenized funds
Stablecoin reserves, tokenized money market funds and Treasury income are reshaping crypto business models to resemble traditional financial infrastructure.
The digital asset industry's revenue streams increasingly mirror traditional finance, with stablecoin reserves, tokenized products and balance sheet management replacing price speculation as key drivers of profitability.
BlackRock launched two tokenized money market products designed to help stablecoin issuers meet reserve requirements under the US GENIUS Act. One fund tokenizes shares of BlackRock's existing Treasury liquidity strategy on Ethereum, keeping underlying assets in cash and short-term US government securities while allowing approved investors to transfer ownership onchain. A second institutional money market vehicle supports multiple blockchains and automatically reinvests income, making it suitable for stablecoin reserve management. This deepens BlackRock's position in the tokenized Treasury market, where it already operates BUIDL, the industry's largest tokenized Treasury fund.
Tokenized gold has gained traction but remains narrowly deployed in decentralized finance. A RedStone report found tokenized bullion held up during gold's sharp sell-off, yet only $63 million of Tether Gold and PAX Gold is used as collateral on Aave v3 and Morpho — representing just 1.5% of their combined $4.2 billion market cap. Spot trading volume for tokenized gold reached $90.7 billion in Q1 as gold futures rallied above $5,600 per troy ounce, but practical lending adoption remained limited despite surging volumes.
Tether generated $1.5 billion in profit from its US Treasury holdings this period, while Bitcoin mining operations increasingly prioritize production costs, profitability and balance sheet management over price movements.
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