BlackRock picks Ethereum for first tokenized money-market fund as XRPL gains steam
BlackRock — the world’s largest asset manager — has chosen Ethereum over the XRP Ledger for at least one of its upcoming tokenized money-market funds as it moves deeper into crypto products, according to a Bloomberg filing.
What BlackRock filed
- BlackRock has submitted paperwork with the U.S. SEC to launch two tokenized money-market funds:
- BlackRock Select Treasury‑Based Liquidity Fund (BSTBL): tokenized shares will launch on Ethereum.
- BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV): will be launched across multiple blockchains, though BlackRock did not say whether the XRP Ledger (XRPL) will be included.
Why it matters
- BSTBL is aimed at stablecoin issuers and other liquidity managers. It invests in cash and short-dated U.S. Treasury bills, notes and securities that mature within 93 days — an attractive reserve option for stablecoin projects seeking high-quality, liquid backing.
- BRSRV targets stablecoin issuers and self‑custodial holders who want on‑chain reserve exposure and automated reinvestment options.
Where this fits in BlackRock’s token strategy
- BlackRock already offers tokenized products such as the BUIDL fund — a tokenized U.S. Treasury vehicle available on several networks, with the largest circulating supply currently on Ethereum. That fund has not been expanded to XRPL, even though Ripple’s RLUSD functions as an off‑ramp for it.
- The asset manager also runs Bitcoin and Ethereum ETFs. Bloomberg analyst James Seyffart recently suggested BlackRock is unlikely to file for an XRP ETF in the near term; instead, he expects a potential filing for an active crypto index fund that could include XRP.
XRPL’s momentum and broader context
- Despite BlackRock’s Ethereum selection for BSTBL, the XRP Ledger is seeing substantial growth in tokenized real-world assets (RWAs). Data from RWA.xyz shows total RWA value on XRPL rose almost 47% over the past 30 days to roughly $3.5 billion. Over the same period, Ethereum’s RWA tally slipped about 4% to $16.8 billion.
- Trading activity on XRPL is accelerating as well. Tokenized U.S. Treasury trading on the Ledger has surged to more than $352 million this year — roughly 5x last year’s $70 million. Notably, Ondo Finance and Ripple recently completed a cross‑border settlement of tokenized U.S. Treasuries using Ondo’s OUSG fund on XRPL, marking a practical milestone for the network.
Market reaction
- At the time of writing, XRP was trading around $1.46, up on the day, per CoinMarketCap.
Bottom line
BlackRock’s decision to put one money‑market token on Ethereum underscores the network’s dominant role in tokenized finance, but the XRP Ledger’s fast‑growing RWA ecosystem and rising trading volumes show that multiple blockchains are carving out real use cases for tokenized assets. BlackRock’s multi‑chain approach for its second fund leaves the door open for broader distribution — and a continued competition among networks for institutional token flows.
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