BlackRock Tokenization Push Gathers Pace as Wall Street Races to Tokenize Assets

BlackRock BUIDL tokenization on a tokenized money-market fund has grown to about US$2.3 billion since its 2024 launch, while the asset manager explores whether tokenized fund shares can serve as collateral in traditional finance, beyond crypto markets. BlackRock’s tokenized funds are already being used as collateral in digital-asset markets, according to Dan Maley, who oversees the firm’s cash business in Asia Pacific. The proposed next step is to connect that existing use to Wall Street’s broader financing and margin systems, where conventional money-market funds already support trading positions. Tokenization changes the rails on which ownership moves, rather than what a money-market fund holds. Shares represented as tokens could pass between approved investors without a cash redemption first, potentially letting institutions keep money invested while transferring ownership or pledging a position.

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