BlackRock has launched tokenized money market funds on both Solana and Ethereum, the firm confirmed Monday. The move marks the asset manager's first foray into tokenized real-world assets on these networks, bringing a traditional finance product to the blockchain.
What the funds do
The tokenized funds represent shares in BlackRock's existing money market portfolio. Investors can buy and sell them on-chain, settling trades in near real-time. The funds aim to offer the same yield and liquidity as the conventional version, but with the added flexibility of blockchain rails.
Why Solana and Ethereum
Ethereum remains the dominant platform for decentralized finance, with the largest pool of on-chain liquidity. Solana, meanwhile, offers faster transaction speeds and lower fees. By launching on both, BlackRock is hedging its bets — and giving users a choice based on their preferred network.
The launch is the latest sign that major financial institutions are warming to tokenized assets. BlackRock's scale could push other asset managers to follow suit. It also adds pressure on regulators to clarify how tokenized funds fit into existing securities laws.
Neither BlackRock nor the exchanges hosting the tokens have disclosed the total value locked in the funds so far.
