BlackRock has rolled out a new money market fund aimed at stablecoin reserves and added Solana to the blockchains supporting its tokenized investment products. On Monday, the asset manager launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, alongside on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund, BSTBL. According to a prospectus filed with the U.S. Securities and Exchange Commission on Friday, ownership is recorded on Solana, Ethereum, and Tempo, with investors holding shares through approved wallets managed by transfer agent Securitize. The fund invests only in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries, and BlackRock says it does not invest in cryptocurrencies or other digital assets. The structure is designed to qualify as an eligible reserve asset under the GENIUS Act, the U.S. law governing payment stablecoins, though the filing says future regulatory changes, blockchain outages, or smart contract flaws could affect how the product is used or how transactions are processed. The launch adds to BlackRock’s broader tokenization push, following the debut of BUIDL in March 2024, which now manages more than $2.6 billion in assets.

BlackRock is expanding its tokenization push with two new blockchain-based money market products launched on Aug. 3, according to company materials. The two vehicles serve different purposes. BSTBL is a tokenized share class of an existing BlackRock money market fund issued on Ethereum, with underlying exposure to cash, short-dated U.S. Treasuries, and Treasury repurchase agreements. BRSRV, by contrast, is a newly created daily reinvestment stablecoin reserve vehicle that supports multiple blockchains and is clearly designed for stablecoin issuers seeking reserve assets. The filing timeline is also notable. Both products were submitted to the U.S. Securities and Exchange Commission in May. ABMedia said their structure aligns with the GENIUS Act and could qualify as reserve assets for compliant stablecoin issuers. The launch comes as BlackRock’s existing tokenized money market fund, BUIDL, has grown to about $2.5 billion. The fund is being used more frequently in crypto markets as collateral for lending and as margin for leveraged trading. ABMedia added that yield-bearing on-chain cash products are starting to take over some use cases traditionally held by non-yielding stablecoins, a trend it said was also one reason Morgan Stanley turned bearish on Circle the same day.

Crypto ended July on weaker footing even as U.S. stocks rallied, with Bitcoin sliding 3.5% over 24 hours to $62,464 and Ether losing 3.1% to $1,863, according to CoinGecko. The pullback came after the Federal Reserve held rates at 3.50%–3.75% for a fifth straight meeting and delivered a notably hawkish signal: the vote was 9-3, and all three dissenters — Beth Hammack, Neel Kashkari and Lorie Logan — favored a hike. Fed Chair Kevin Warsh said the committee would not soften its inflation stance, while fresh data showed June PCE inflation at 3.7% year over year and core PCE at 3.3%, both still well above the 2% target. With second-quarter GDP growth at 3.0% and new tariffs set to take effect Aug. 7, markets saw little in the data that would force a policy pivot. ETF flows improved, but not enough to change the broader tone: spot Bitcoin ETFs took in $233.1 million on Thursday after four days of outflows, while derivatives positioning, weak August seasonality, losses at Strategy, and a Coldcard wallet flaw that led to the theft of 594 BTC kept pressure on sentiment.

Trader Doctor Profit said on July 31 that while global capital is broadly focused on AI, he believes the larger long-term shift may come from a restructuring of the financial system. He described Circle, Coinbase and Ethereum as the "three giants of the galaxy" and said he has built large, long-term positions in all three. In his framework, Circle represents regulated digital dollars, Coinbase serves as the custody and trading gateway for traditional capital moving on-chain, and Ethereum is the settlement layer for tokenized assets. He added that he remains structurally bullish on Bitcoin, but has shifted his crypto allocation this cycle to 60% ETH and 40% BTC. Doctor Profit also pointed to several links among the three names and BlackRock. He said Coinbase is the main custodian for BlackRock's spot Bitcoin ETF, holds an equity stake in Circle, and operates Base with settlement on Ethereum. He added that BlackRock manages the USDC reserve fund and that Ethereum hosts BlackRock's tokenized Treasury fund BUIDL while holding the leading share of the real-world asset tokenization market. In his view, the CLARITY Act could be more beneficial for ETH, Circle and Coinbase than for BTC because it may provide clearer rules for tokens, trading platforms, stablecoin yield products and DeFi.

Real-world assets became one of crypto’s hottest narratives in July, with on-chain RWA supply rising to a record $32 billion, up about 22% from the start of the month and above the previous peak set in April. Yet the surge in issuance has exposed a harder question for the sector: what happens after assets are tokenized? Data cited from BeInCrypto Intelligence, RWA.xyz, DWF Labs and Stacks contributor Edgy points to the same problem. More than 70% of tokenized assets worth over $100,000 saw no on-chain transfer over a week, while roughly 87% of the market remains outside lending, collateral, or active trading flows. In other words, scale has grown much faster than utility. That split is also visible across the leading platforms. Securitize has built the largest footprint, with more than $4.9 billion in tokenized assets, but its DeFi utilization sits at about 0.7%. Ondo Finance manages nearly $3.5 billion and has broad multichain distribution, yet utilization is only around 2.7%. Maple Finance, by contrast, runs a smaller $2.3 billion asset base but reports more than $1.6 billion in active loans and a 62% utilization rate. The gap reflects differences in product design, securities compliance rules, and missing market infrastructure. As the market moves past the issuance race, competition is shifting toward distribution, liquidity, and real on-chain use.

Stablecoins posted their biggest monthly market-cap drop in four years in June, yet adjusted settlement volume climbed to a record $1.79 trillion in the same month, up 63% from May and 125% from a year earlier. The divergence points to a shift in how the sector is being used: less idle balance, more payment turnover. According to the report, total stablecoin market value slipped by about 3% from the May peak to roughly $300 billion. USDT fell from about $190 billion in May to about $184 billion, while USDC retreated from nearly $80 billion at its March high to around $74 billion. That decline was far smaller than the roughly 26% collapse seen during the 2022 Terra crisis. The article links part of the change to the GENIUS Act, signed in July 2025, which bars issuers from paying interest on payment stablecoins, and to an OCC draft issued in February that would extend the restriction to affiliated structures that mimic yield. As a result, idle cash has moved into tokenized Treasury funds, which the report says grew from a record $11 billion in March to nearly $16 billion. Meanwhile, stablecoins are being held for shorter periods and used more intensively for settlement, especially by businesses. Data cited in the article also show USDC taking a larger share of adjusted transaction volume, while real-world payments remain only about 1% of flows but have grown 30-fold from two years earlier.

A major change is taking shape in global finance: legacy institutions are starting to use crypto infrastructure not as a consumer-facing replacement for banks and brokers, but as back-end plumbing for settlement, collateral movement and cross-border money flows. The article argues that the appeal is straightforward. Old financial rails still lock up capital for hours or days, force banks to prefund accounts across jurisdictions, and leave margin idle when markets are closed. That cost is no longer trivial. DTCC, which processed $4.7 quadrillion in securities settlement last year, has now turned on blockchain technology for related transactions and on July 15 completed its first live trades in tokenized securities, including tokenized equities, U.S. Treasuries and ETFs. JPMorgan tokenized Invesco QQQ Trust and posted it as collateral to CME, while more than 30 institutions including Goldman Sachs, BlackRock, Vanguard and the New York Stock Exchange took part in the test. The same pattern is spreading elsewhere. SWIFT is preparing a tokenized deposit pilot with 17 banks from six continents. Visa has launched a platform for banks to issue, move and redeem stablecoins inside existing treasury systems. Mastercard is expanding regulated stablecoin settlement options across multiple chains. In this model, crypto firms such as Chainlink, Digital Asset, Fireblocks, BitGo, Circle, Ondo and Securitize are no longer positioning themselves as Wall Street’s replacements. They are becoming its infrastructure vendors.

Securitize Capital, a subsidiary of tokenization infrastructure firm Securitize, has completed its registration with the U.S. Securities and Exchange Commission as an investment adviser, according to CoinDesk. The registration adds to a list of regulatory permissions already held across the Securitize group, including broker-dealer, alternative trading system, transfer agent and fund administration licenses. Securitize said the new approval gives it a broader base to serve asset managers and institutional investors that are exploring on-chain investment strategies. The company already works with major asset managers including BlackRock, Apollo, KKR and VanEck. It is also the issuer behind BlackRock’s tokenized money market fund BUIDL and is working with the New York Stock Exchange on infrastructure for trading tokenized securities. The move expands Securitize’s compliance framework as it continues building out institutional tokenization services.