Ethereum
BlackRock launches tokenized money market funds on Ethereum and Solana
The asset manager has deployed two tokenized money market funds across major Layer 1 networks, designed to serve as reserve backing for stablecoins.
BlackRock has introduced tokenized money market funds on both Ethereum and Solana, establishing reserve assets for stablecoin issuers. The funds allow stablecoin issuers to hold reserves on-chain rather than in traditional bank accounts, keeping liquidity native to the networks and enabling faster deployment and settlement of capital.
Stablecoins currently represent over 14 per cent of the total crypto market cap, with $305 billion in value across a $2.26 trillion market. Layer 1 networks are competing to attract stablecoin reserves, and BlackRock's move underscores institutional focus on stablecoins as the next major source of on-chain liquidity. As more stablecoin issuers adopt these tokenized funds, additional capital will flow on-chain, potentially deepening liquidity across both networks.
The timing of the launch coincides with a broader rotation of capital beyond Bitcoin, with altcoins now accounting for 60 per cent of Binana's trading volume. BlackRock's move could amplify that trend by bringing more institutional liquidity on-chain. With DeFi's total value locked already up over 8 per cent in the third quarter, the additional stablecoin liquidity could further expand on-chain activity across both Ethereum and Solana.
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