Yesterday, the global asset management giant BlackRock dropped a bombshell: plans to put its up to $150 billion money market fund on-chain through ‘DLT Shares’ (Distributed Ledger Technology shares), using blockchain technology to record ownership. This news is like a giant rock thrown into a calm lake, stirring layers of ripples in the integration of TradFi and Web3. With assets under management of $11.6 trillion, BlackRock’s CEO Larry Fink once boasted, ‘Tokenization is the future of finance.’ Now, this Wall Street giant is taking concrete actions to fulfill the promise, pushing the massive assets of traditional finance onto the blockchain stage. Public chains like Solana and Ethereum are rubbing their hands, ready to embrace the dividends of this revolution. What kind of revolution is this? How will it reshape the future of $150 billion in assets?

Pain points of TradFi: Why do we need blockchain?

Money market funds are the cornerstone of TradFi, known for their low risk and high liquidity. However, their operation is like an old-fashioned steam engine: reliable but inefficient. Redemption and transfer require layers of intermediaries, trading hours are limited to business days, and the recording system is cumbersome and not transparent enough. Want to cash out quickly? Sorry, please wait patiently for T+1 settlement. Want to view positions in real time? That depends on a lengthy reconciliation process.

The emergence of blockchain technology is like a panacea. BlackRock’s DLT Shares uses Distributed Ledger Technology (DLT) to record the ownership of funds on the blockchain, achieving near real-time transaction settlement, 24/7 asset access, and immutable transparent records. This not only improves efficiency but also brings unprecedented convenience to investors. Carlos Domingo, CEO of BlackRock’s blockchain partner Securitize, bluntly stated: ‘On-chain assets solve the inefficiency problem of traditional markets, providing institutions and retail investors with 24/7 access.’ Imagine, future investors may be able to redeem funds through their mobile phones at 2 am without waiting for the bank to open. This is exactly the disruptive promise of blockchain to traditional finance.

BlackRock’s Web3 journey: From BUIDL to DLT Shares

BlackRock is no newcomer to the blockchain space. As early as 2023, its BUIDL fund (BlackRock USD Institutional Digital Liquidity Fund) was successfully launched on Ethereum, focusing on tokenized US Treasury assets. As of March 2025, the fund’s assets under management have reached $1.7 billion and are expected to exceed $2 billion in early April. Of note, the fund has expanded to seven blockchains, including Solana, Polygon, Aptos, Arbitrum, Optimism, and Avalanche, showcasing BlackRock’s multi-chain strategic ambitions.

Today, DLT Shares is taking this vision to new heights. If the $150 billion money market fund successfully goes on-chain, it will be a milestone in the integration of TradFi and Web3. According to Bloomberg ETF analyst Henry Jim, DLT Shares, distributed through BNY Mellon in New York, may pave the way for future digital currencies or on-chain derivatives. This is not just a technological upgrade, but an experiment in redefining the way assets are traded, held, and moved. As the discussions on the X platform suggest, ‘BlackRock is not just testing blockchain, but reshaping the game rules!’

BlackRock’s ‘DLT Shares’ application aims to digitize its $150 billion money market fund through blockchain technology, utilizing Distributed Ledger Technology (DLT) to record ownership. This not only signifies the deep integration of TradFi and blockchain technology but also reveals BlackRock’s strategic layout in the global financial digitization wave.

1. What is DLT Shares?

DLT Shares is a new type of digital stock category designed by BlackRock for its money market funds, relying on blockchain technology to record holder information and ownership. Its core features include:

• On-chain records: Through distributed ledger technology, DLT Shares store ownership information of fund shares on the blockchain, ensuring transparent, tamper-proof, and real-time traceable records.
• Efficient trading: Compared to the T+1 settlement of traditional funds, DLT Shares support near real-time redemption and transfer, with trading hours extendable to 24/7, breaking the operational time restrictions of TradFi.
• Compliant Distribution: DLT Shares are only distributed through BNY Mellon, emphasizing compliance and institutional trust. BNY Mellon, as a custodian and distributor, ensures seamless integration with the traditional financial system.
• Potential Scalability: Bloomberg ETF analyst Henry Jim pointed out that DLT Shares may be preparing for the future applications of digital currencies or digital cash, suggesting that its functionality may go beyond simple ownership records, involving on-chain payments or derivatives development.

In short, DLT Shares is to put the shares of traditional currency market funds ‘on-chain’, improve efficiency, transparency, and accessibility through blockchain technology, while retaining the compliance framework of TradFi.

2. The significance of DLT Shares

The launch of DLT Shares is not only a technological innovation for BlackRock, but also has profound implications for traditional finance and the Web3 ecosystem:

• The leap of efficiency and transparency: The trading process of traditional money market funds involves multiple intermediaries, with long settlement cycles and high costs. DLT Shares utilizes the decentralized nature of blockchain to simplify the process and achieve instant settlement. According to Carlos Domingo, CEO of Securitize, on-chain assets can “solve the inefficiency problems of traditional markets” and provide investors with convenient access around the clock.
• The digital transformation of TradFi: BlackRock, which manages $11.6 trillion in assets, having $150 billion fund on-chain symbolizes the full embrace of blockchain by traditional finance. This may inspire other asset management giants (such as Vanguard, State Street) to accelerate their blockchain layout, driving industry paradigm shift.
• Boosting the Web3 ecosystem: DLT Shares may be deployed on Solana, Ethereum, and other public chains, boosting the trading volume and token demand of these blockchains. Community discussions on X platform show that Solana is favored for its high throughput (4000+ TPS) and low cost, while Ethereum maintains its lead with 72% tokenized government bond market share.
• The forward-looking layout of digital currency: Henry Jim’s analysis suggests that DLT Shares may be preparing for digital currency or digital cash. This means that BlackRock may explore integration with stablecoins (such as USDC) or central bank digital currencies (CBDC), paving the way for on-chain payments and financial derivatives.

3. BlackRock’s strategic attempt

Behind the launch of DLT Shares by BlackRock, there are hidden multilayered strategic intentions:

• Seizing the on-chain financial opportunity: BlackRock has been strategically positioned in the blockchain field for many years. Its BUIDL Fund (BlackRock USD Institutional Digital Liquidity Fund) has reached an asset size of $1.7 billion since its launch on Ethereum in 2023, expanding to seven blockchains including Solana in March 2025, with an expected breakthrough of $2 billion in early April. DLT Shares further expand this landscape, consolidating BlackRock’s leading position in tokenized finance.
• Attracting Institutional Funds: By partnering with compliant blockchain (such as working with Securitize) and authoritative custodians (BNY Mellon), DLT Shares has lowered the entry barrier for institutional investors. The X post reflects the community’s anticipation of the ‘institutional fund influx,’ believing that this will drive up the prices of assets such as SOL and ETH.
• Exploring multi-chain ecosystem: BlackRock’s multi-chain strategy (supporting Solana, Ethereum, Polygon, etc.) shows its unwillingness to bet on a single blockchain, but rather reduces technical risks and covers a wider range of users through diversified layout. This may drive the development of interoperability between public chains, such as cross-chain bridges or the establishment of unified standards.
• DLT Shares’ on-chain features pave the way for cryptocurrencies. This potential integration with digital currencies may allow BlackRock to test blockchain’s application in scenarios such as payments and clearing, accumulating experience for future collaboration with CBDCs or stablecoins. CNBC reported that BlackRock CEO Larry Fink believes tokenization will “fundamentally change financial ownership,” with DLT Shares embodying this vision.
• Reducing operating costs: Blockchain technology can reduce intermediary links and proxy voting costs. Fink said at the Davos Forum that tokenization can allow ‘each owner to receive voting notifications directly,’ reducing BlackRock’s operating burden in ESG disputes.

Solana vs Ethereum: on-chain arena of TradFi

BlackRock’s multi-chain strategy has made Solana and Ethereum the focus of this revolution. The competition between them is not only a technical battle but also a microcosm of the future pattern of Web3.

Solana: The King of Speed and Cost

Solana has emerged with its amazing performance. With a transaction processing capacity (TPS) of over 4000 transactions per second and transaction fees as low as a few cents, Solana has become a ‘hot cake’ in the eyes of institutions. In March 2025, the BUIDL Fund expanded to Solana, triggering a significant increase in SOL price. According to CoinDesk, Lily Liu, the chair of the Solana Foundation, stated: ‘Solana’s speed, low cost, and active developer community make it an ideal platform for tokenized assets.’ Even more excitingly, Solana’s DeFi ecosystem has surpassed Ethereum’s transaction volume in early 2025, demonstrating its potential in the on-chain finance sector.

The community sentiment on the X platform is high, with many users believing that Solana’s low cost and high efficiency will attract more traditional financial institutions. There are bold predictions in the posts: ‘If BlackRock launches a Solana ETF, the price of SOL will skyrocket!’ In fact, in April 2025, insiders at BlackRock hinted at the possibility of launching ETFs for Solana and XRP, further fueling market expectations.

Ethereum: The Dominant Force in Security and Ecosystem

Despite the fierce rise of Solana, Ethereum still sits firmly on the throne of tokenized assets. According to RWA.xyz data, the tokenized US Treasury market is expected to reach $5 billion by March 2025, with 72% ($3.6 billion) running on Ethereum. 93% of the BUIDL Fund’s assets are still custodied on Ethereum, highlighting its irreplaceability in security and liquidity. In addition, Ethereum’s Layer 2 solutions (such as Arbitrum and Optimism) have significantly improved its scalability, keeping it ahead in the tokenization of high-value assets.

However, Ethereum is not without concerns. On the X platform, some users have warned that the centralization of Ethereum’s validators may pose centralization risks, which is particularly sensitive in the context of institutional high attention to compliance. Nevertheless, Ethereum’s mature ecosystem and massive developer community remain its core advantages. Fortune Crypto points out, “Ethereum’s resilience and developer support make it still the preferred choice in tokenizing high-value assets.”

The future of competition

The competition between Solana and Ethereum is like a game of speed and steadiness. Solana’s low cost and high throughput make it more attractive in institutional trading, while Ethereum’s depth of ecosystem and Layer 2 extensions consolidate its leadership position. If BlackRock’s DLT Shares are deployed on one or both chains, it will further boost the demand for SOL and ETH. Interestingly, this competition may spur the need for interoperability between public chains, such as the development of cross-chain bridges or unified standards, injecting new vitality into the Web3 ecosystem.

The Wave of RWA Tokenization: The Golden Age of Web3

BlackRock’s DLT Shares not only symbolize its own transformation, but also act as a catalyst for the wave of tokenization of RWA. According to RWA.xyz data, the tokenized US Treasury market has grown nearly sixfold in the past year, soaring from $800 million to $5 billion, and the entire RWA market (including real estate, bonds, etc.) is approaching $20 billion. BlackRock’s BUIDL Fund leads with a 41.1% market share, followed closely by Franklin Templeton’s OnChain U.S. Government Money Fund (with assets over $671 million) and Fidelity Investments’ Ethereum tokenized fund (scheduled to take effect in May 2025).

This wave is far more than government bonds. BlackRock’s success may inspire more traditional assets to go on-chain, such as stocks, real estate, and even art. Imagine, in the future, investors may be able to buy an apartment in Manhattan or hold tokenized shares of a Picasso painting through blockchain. DeFi protocols like Aave and Curve have begun exploring integration with tokenized assets, while stablecoins (such as USDC) may become the bridge for on-chain payments. Discussions on the X platform are lively, with some exclaiming, ‘RWA is the killer app of Web3!’ But some are worried, ‘Will the influx of traditional financial institutions make Web3 lose its decentralized soul?’

Opportunities and Challenges in 2025

Looking ahead to 2025, BlackRock’s on-chain revolution has opened up endless possibilities for Web3. The rapid growth of the RWA market will attract more institutions, with Goldman Sachs and JP Morgan already exploring tokenized bonds and credit products. On the policy front, Trump’s ‘Strategic Crypto Reserve’ plan announced in March 2025 (covering Bitcoin, Ethereum, and Solana) provides a more friendly environment for blockchain applications, potentially further driving RWA tokenization.

However, the challenges are equally significant:

• Regulatory Uncertainty: The U.S. Securities and Exchange Commission (SEC) scrutiny of on-chain assets may intensify, especially for products involving permissioned or semi-decentralized chains. While BlackRock and Securitize’s compliance strategies have earned trust, regulatory tightening could slow down the industry.
• Technical Risks: Solana’s network has experienced stability issues in the past, although it has significantly improved by 2025, institutions still need to verify its reliability. While Ethereum’s Layer 2 has improved performance, the complexity may increase development costs.
• Community Divide: The Web3 community’s attitude towards TradFi institutions is polarized. On X platform, some welcome BlackRock’s funds and technical support, believing that it will increase the value of on-chain assets; however, some are concerned that institutional compliance requirements may lead Web3 towards centralization.

End: The dawn of the on-chain future

BlackRock’s $150 billion on-chain plan is not just a technical experiment, but also a revolution in the financial paradigm. It combines the massive scale of TradFi with the innovative potential of blockchain, opening a new chapter for Web3. The speed of Solana and the robustness of Ethereum will shine in this revolution, while the wave of RWA tokenization will reshape our understanding of assets. From Wall Street to blockchain, BlackRock is leading a journey across two worlds.

By 2025, the future on-chain is accelerating. Are you ready to get on board?

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