Will Canny is CoinDesk's finance reporter.
The investment manager has involved key institutions from both the TradFi world and the crypto sector.The launch of BlackRock’s first tokenized fund on a public blockchain is significant because of the way in which the asset manager has brought in key ecosystem partners from both the TradFi world and the crypto sector, broker Bernstein wrote in a research report on Tuesday.
Bernstein notes that while tokenized money market funds are not new, the launch of the BlackRock USD Institutional Liquidity Fund is significant in the way the investment manager has “brought in key ecosystem partners from both the traditional world and the crypto world.” The fund is represented by the blockchain-based BUIDL token, and is fully backed by cash, U.S. Treasury bills, and repurchase agreements,
This is the first major test case for institutional holders to experience the benefits of 24/7 instant settlements on a blockchain, with increased transparency and capital efficiency, and at a lower cost, the authors wrote.
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