BlackRock has filed with the U.S. Securities and Exchange Commission to launch two tokenized money-market funds: BSTBL, which will run on Ethereum, and BRSRV, a multi-chain version that notably does not include the XRP Ledger. The filing comes as the XRP Ledger's tokenized real-world asset ecosystem posts sharp growth — its total RWA value jumped nearly 47% in the past 30 days to $3.5 billion — but BlackRock has no plans to file for an XRP ETF anytime soon, according to Bloomberg Intelligence analyst James Seyffart.
What BlackRock is filing
BSTBL is a single-chain fund on Ethereum, the dominant blockchain for tokenized Treasuries and money-market products. BRSRV will be issued on multiple chains, but the filing does not name which ones — and the XRP Ledger isn't among them. BlackRock's move deepens its push into on-chain finance, a space where it already manages the $50 billion BUILD fund. The exclusion of XRPL from the multi-chain fund is a notable absence given the ledger's recent activity.
XRPL tokenized assets surge
While BlackRock looked elsewhere, the XRP Ledger's tokenized U.S. Treasuries trading volume surged past $352 million in 2024, up from $70 million the year before. Total tokenized real-world assets on XRPL hit $3.5 billion, even as Ethereum's RWA value dipped 4% to $16.8 billion over the same 30-day period. The growth on XRPL has been driven by partnerships and real-world asset integration, not by a BlackRock fund — at least not yet.
Ondo and Ripple settle cross-border Treasuries
Ondo Finance and Ripple completed the first cross-border tokenized U.S. Treasury settlement using Ondo's OUSG fund on the XRP Ledger. The transaction shows the ledger can handle institutional-grade settlements, even as the biggest asset manager chooses other chains for its new products. For now, XRP trades around $1.46, up over the past 24 hours. Whether BlackRock's filing shifts attention to Ethereum's dominance or spurs further RWA activity on XRPL remains an open question — but the filing itself is a clear vote of confidence in tokenized funds, just not for the XRP ecosystem.
