The advantage of Ethereum in the area of "institutional asset on chain" has emerged. The tokenization of BlackRock's fund this time is an important development in the "asset on chain" of Ethereum, not just another news of "tokenization of funds". This is a substantial push by BlackRock to officially put its tightly regulated money market fund shares on the chain. Let's first take a look at the specific situation, and then talk about the strategic significance. BlackRock has put the real, existing scale money market fund infrastructure on the chain. BlackRock launches two tokenized money market fund products simultaneously: Firstly, BSTBL OnChain Shares It is a tokenized share class of the existing BlackRock Select Treasury Based Liquidity Fund (BSTBL). The fund itself has a scale of approximately 6.2 billion US dollars. The transfer agent and tokenization provider directly issued on Ethereum (permitted ERC-20) is BNY Mellon (the world's largest custodian bank). The official shareholder register of BSTBL is directly placed on Ethereum. Secondly, BRSRV (BlackRock Daily Reinvestment Stablecoin Reserve Vehicle) This is a brand new product. Securitize serves as a transfer agent and tokenization provider (in the same set as BUIDL). Support multiple chains and emphasize daily dividend reinvestment. More targeted at digital native institutional clients and stablecoin reserve management scenarios. The joint investment strategy of these two tokenized money market funds is: Cash, short-term US treasury bond bonds (residual maturity ≤ 93 days), overnight repurchase agreement (repo, with treasury bond as collateral). The goal is: Capital preservation+liquidity+returns, and clearly benchmark the qualified reserve assets of US payment stablecoin issuers under the GENIUS Act. Why is it important for Ethereum? BlackRock is no longer just a validation from the beginning. BUIDL (launched in March 2024, currently around 2.5 billion+) can be said to have been a validation of "institutional level Treasury tokenization products" at the beginning. Now, The two products mentioned above directly transform one of the core tools of BlackRock Cash Management business (over $1 trillion) into a transferable share class on the chain. Especially BSTBL is registered on the blockchain by BNY Mellon, which is the core custody/registration infrastructure of traditional finance officially running on Ethereum. This means that these large institutions have officially accepted Ethereum as the future financial infrastructure. BlackRock's BSTBL product explicitly chooses Ethereum+BNY, which means that the world's largest asset management institution and the world's largest custodian bank are both built on Ethereum. There is no other better recognition for this. Moreover, This is not a DeFi protocol, but a money market fund share strictly regulated by the 1940 Investment Companies Act (Rule 2-7). For Ethereum, this has more long-term significance than just TVL or meme. It has seized the position of "institutional level settlement and record layer". This is also the external manifestation brought by Ethereum's decentralization and security features, and it is also its deepest moat. Moreover, BlackRock is indeed very intelligent, It is in the precise slot GENIUS Act. Because the GENIUS Act requires that the payment type stable currency must be fully reserved at 1:1, and the reserve assets are limited to high liquidity and high-quality assets (cash, short-term treasury bond, overnight repo, and qualified money market funds, etc.). BlackRock directly designs its products as "qualified reserve assets", This is to say to all stablecoin issuers: You can put your reserves here, which is both compliant and profitable, and can also be transferred on the chain. BlackRock is currently managing approximately $60 billion in stablecoin related reserves (mainly Circle, etc.), and once this fund product is launched, it may attract the attention of more stablecoin issuers. Considering the stablecoin issuance infrastructure provided by entities such as Visa, the technological barriers for stablecoin issuance are becoming increasingly low, which may stimulate the issuance of stablecoins and bring a larger amount of stablecoin assets to the Ethereum chain. The future of stablecoin assets on the Ethereum chain exceeding trillions of dollars is not a fantasy, but rather a long-term trend. BlackRock's two product designs are also very targeted, BSTBL products The on chain shares of existing large funds emphasize familiarity with traditional institutions and Ethereum security/liquidity. BRSRV products Brand new, multi chain daily reinvestment， More flexible, serving pure digital wallet users and stablecoin reserves. It seems that the designer of BlackRock's tokenization product also has a good understanding of the market/cryptocurrency ecosystem. Overall, the total size of US money market funds has exceeded $8.4 trillion, and BlackRock is a giant in this field. As long as a portion of it is made into shares that can be transferred on the chain and settled instantly, it will change the frictional cost of institutional funds between TradFi and the chain in the long run. In summary, from the perspective and viewpoint of Ethereum, Solidify Ethereum's position as a new generation of financial infrastructure, further consolidating Ethereum's network effect and moat. For asset on chain, it has passed the "pilot" stage and entered a new "production level" stage.