If You Want to Predict the Future of On‑Chain Finance, Look at BlackRock

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If You Want to Predict the Future of On‑Chain Finance, Look at BlackRock

※ This article is published as a preliminary version and will be updated to the final Daily Crypto Times (DCT) format in two days.

If you want to understand where on‑chain finance stands today and where it is heading, the first place you should look is BlackRock.
This is because BlackRock provides the clearest real‑world example of how far on‑chain finance has already come—and how much further it is about to go.

BlackRock’s on‑chain asset allocation is still only a tiny fraction of its total AUM.
However, its growth rate far outpaces traditional finance, proving that on‑chain finance is no longer an experiment but is rapidly becoming a new financial infrastructure layer.

In this article, we break down BlackRock’s Web3 strategy into three pillars, explore why the firm chose Ethereum, and examine how on‑chain finance is reshaping the structure of traditional financial markets.

If you want deeper context on why ETH is becoming the foundation of on‑chain finance, you may also refer to the previous article: “Beyond Bitcoin 1: Why ETH Is Becoming the New Digital Money” .

1) BlackRock’s Crypto Strategy Has Three Pillars
(+ Real‑World Progress Already Made)

① Stablecoins

Stablecoins are becoming the core infrastructure for global payments and settlement—covering not only retail stablecoins like USDC and USDT but also institutional‑grade stablecoins.

What BlackRock Has Already Achieved

  • USDC Reserve Management: USDC is issued and backed by reserves managed by Circle, while BlackRock acts as an institutional asset manager for a portion of those reserves. Circle is responsible for issuance and reserve oversight, and BlackRock invests the reserves in safe assets to enhance USDC’s stability and credibility.
  • BUIDL–USDC Interoperability: BlackRock’s on‑chain fund BUIDL supports USDC deposits and withdrawals, making it one of the first real examples of stablecoins functioning as an institutional settlement layer.
  • Interbank Stablecoin Settlement Tests: Traditional financial institutions are already testing stablecoin‑based settlement flows using on‑chain rails.

② Bitcoin + Ethereum Exposure

Bitcoin (BTC) and Ethereum (ETH) are no longer viewed merely as speculative assets—they are emerging as global liquidity, collateral, and settlement layers.

What BlackRock Has Already Achieved

  • World’s Largest Bitcoin ETF (IBIT): Surpassed $10B shortly after launch and exceeded $20B within a year, becoming the fastest‑growing ETF in history.
  • Ethereum ETF Approval: Reinforces the narrative that “Ethereum = global smart‑contract and settlement layer.”
  • ETH as Institutional Collateral: Discussions are underway to use ETH as collateral in institutional lending and repo markets.

③ Tokenization (Real‑World Asset Tokenization)

Joseph Chalom, BlackRock’s Global Head of Strategic Ecosystem Partnerships, stated:
“Tokenization will digitize all of finance.”

What BlackRock Has Already Achieved

  • BUIDL → Largest On‑Chain RWA Fund: Grew from $500M → $1B → $2B within months of launch.
  • Leading the On‑Chain U.S. Treasury Market: BUIDL holds the largest share of the on‑chain Treasury market.
  • Building an Institutional RWA Network: Collaborating with Coinbase, Securitize, Franklin Templeton, and others to expand the institutional RWA ecosystem.

2) BUIDL Enables What Traditional Finance Cannot

BlackRock’s BUIDL fund on Ethereum Mainnet delivers capabilities that traditional financial systems cannot replicate.

  • 24/7 Settlement: On‑chain rails never close—not on weekends, not at night.
  • Automated Yield Updates: Fund yield is reflected automatically in token value via smart contracts.
  • On‑Chain Collateral: BUIDL tokens can be used instantly as collateral in DeFi, institutional lending, and on‑chain repo markets.
  • Stablecoin Interoperability: Stablecoins and fund tokens operate on the same settlement layer (Ethereum), enabling seamless capital flows.

What requires coordination across multiple institutions in traditional finance is executed on Ethereum with a few lines of smart‑contract logic.

3) BlackRock’s On‑Chain Allocation Is Small, but Its Growth Rate Outruns Traditional Finance

A common question is:
“How much of BlackRock’s assets are actually on‑chain?”

Approximate Estimates

  • Total BlackRock AUM: ~$10 trillion
  • On‑Chain RWA (BUIDL, etc.): ~$2 billion

This means on‑chain assets represent only about 0.02% of total AUM.
But this number alone is misleading.

The Key Is Not the Percentage—It’s the Growth Rate

  • BUIDL: Reached $2B within months
  • On‑Chain Treasury Market: BlackRock holds 30–40% of the entire market
  • Institutional RWA Growth: Over 300% annually
  • Traditional Finance Growth: 3–5% annually

In other words, the on‑chain share is small, but its growth rate is over 100× faster than traditional finance.

Why the Small Percentage Still Matters

  1. BlackRock’s scale is enormous: A $2B on‑chain allocation equals 30–40% of the entire on‑chain RWA market.
  2. On‑chain finance is early but growing exponentially: Far faster than traditional financial markets.
  3. BlackRock sets institutional direction: When BlackRock enters a market, other institutions follow.

This is why, if you want to understand the future of on‑chain finance, you must watch how BlackRock is entering, scaling, and structuring its on‑chain operations.

Conclusion: To Predict the Future of On‑Chain Finance, Look at BlackRock

BlackRock’s strategy is not simply “entering crypto.”
The firm believes the future of finance will be reshaped in the following ways:

  • Assets will be tokenized.
  • Settlement will run 24/7.
  • Collateral will move on‑chain.
  • Stablecoins will become global settlement rails.
  • Ethereum will function as the operating system of this new financial layer.

BlackRock’s on‑chain allocation may still be small, but its growth rate and strategic direction already surpass traditional finance.
If you want to understand the future of on‑chain finance, there is only one conclusion:

“If you want to know the future of on‑chain finance, look at BlackRock.”

Younchan Jung
Researcher exploring structural shifts in AI, blockchain, and the on‑chain economy.

If you would like to read this article in Korean, please click the button below.

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