Solana and Ethereum are gearing up for the benefits of this transformative change.

Written by: Oliver, Mars Finance

Yesterday, global asset management giant BlackRock dropped a bombshell: it plans to put its money market fund, worth up to $150 billion, on the blockchain through "DLT Shares" (Distributed Ledger Technology Shares), using blockchain technology to record ownership. This news is like a boulder thrown into a calm lake, creating ripples of integration between traditional finance (TradFi) and Web3. BlackRock manages $11.6 trillion in assets, and its CEO Larry Fink has boldly stated, "Tokenization is the future of finance." Now, this Wall Street giant is taking concrete actions to fulfill that promise, pushing the vast assets of traditional finance onto the blockchain stage. Solana and Ethereum are 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?

The Pain Points of Traditional Finance: Why Do We Need Blockchain?

Money market funds are the cornerstone of traditional finance, known for their low risk and high liquidity. However, their operational mechanisms resemble an old steam engine: reliable but inefficient. Redemptions and transfers require multiple intermediaries, trading times are limited to business days, and the record-keeping systems are cumbersome and not transparent enough. Want to quickly cash out? Sorry, please wait for T+1 settlement. Want to view your holdings in real-time? That relies on lengthy reconciliation processes.

The emergence of blockchain technology is like a remedy. BlackRock's DLT Shares utilize distributed ledger technology (DLT) to record ownership of the fund on the blockchain, achieving near real-time transaction settlement, 24/7 asset access, and immutable transparent records. This not only enhances efficiency but also brings unprecedented convenience to investors. Carlos Domingo, CEO of BlackRock's blockchain partner Securitize, stated, "On-chain assets solve the inefficiencies of traditional markets, providing 24/7 access for both institutions and retail investors." Imagine, in the future, investors might be able to redeem funds via their phones at 2 AM without waiting for the bank to open. This is the disruptive promise of blockchain for traditional finance.

BlackRock's Web3 Journey: From BUIDL to DLT Shares

BlackRock is not a newcomer to the blockchain space. As early as 2023, it launched the BUIDL fund (BlackRock USD Institutional Digital Liquidity Fund), which successfully tested the waters on Ethereum, focusing on tokenized U.S. Treasury assets. As of March 2025, BUIDL's asset size reached $1.7 billion, with plans to surpass $2 billion in early April. More notably, the fund has expanded to seven blockchains, including Solana, Polygon, Aptos, Arbitrum, Optimism, and Avalanche, showcasing BlackRock's multi-chain strategic ambition.

Now, DLT Shares elevate this vision to new heights. If the $150 billion money market fund successfully goes on-chain, it will become a milestone in the integration of traditional finance and Web3. According to Bloomberg ETF analyst Henry Jim, DLT Shares, distributed through BNY Mellon, may pave the way for future digital currencies or on-chain derivatives. This is not just a technological upgrade but an experiment to redefine the ways assets are traded, held, and liquidated. As the heated discussions on platform X suggest, "BlackRock is not just testing blockchain; it is reshaping the rules of the game!"

The application for "DLT Shares" submitted by BlackRock aims to digitally transform its $150 billion money market fund through blockchain technology, utilizing distributed ledger technology (DLT) to record ownership. This not only marks a deep integration of traditional finance (TradFi) with blockchain technology but also reveals BlackRock's strategic layout in the global financial digitalization wave.

1. What are DLT Shares?

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

• Blockchain Records: Through distributed ledger technology, DLT Shares store ownership information of fund shares on the blockchain, ensuring records are transparent, immutable, and traceable in real-time.

• Efficient Trading: Compared to the T+1 settlement of traditional funds, DLT Shares support near real-time redemptions and transfers, with trading times extending to 24/7, breaking the operational time constraints of traditional finance.

• Compliant Distribution: DLT Shares are sold exclusively through BNY Mellon, emphasizing compliance and institutional trust, with BNY Mellon serving as the custodian and distributor, ensuring seamless integration with the traditional financial system.

• Potential Scalability: Bloomberg ETF analyst Henry Jim points out that DLT Shares may be preparing for the application of future digital currencies or digital cash, suggesting its functions may extend beyond simple ownership records to include on-chain payments or derivatives development.

In short, DLT Shares are about putting traditional money market fund shares "on-chain," enhancing efficiency, transparency, and accessibility through blockchain technology while retaining the compliance framework of traditional finance.

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:

• Leap in Efficiency and Transparency: The trading process of traditional money market funds involves multiple intermediaries, long settlement cycles, and high costs. DLT Shares leverage the decentralized nature of blockchain to simplify processes and achieve instant settlement. According to Carlos Domingo, CEO of Securitize, on-chain assets can "solve the inefficiencies of traditional markets," providing investors with 24/7 access.

• Digital Transformation of Traditional Finance: BlackRock manages $11.6 trillion in assets, and the on-chain move of its $150 billion fund signifies a full embrace of blockchain by traditional finance. This may encourage other asset management giants (like Vanguard and State Street) to accelerate their blockchain strategies, driving a paradigm shift in the industry.

• Boost for the Web3 Ecosystem: DLT Shares may be deployed on public chains like Solana and Ethereum, increasing transaction volumes and token demand for these blockchains. Community discussions on platform X indicate that Solana is favored for its high throughput (4000+ TPS) and low costs, while Ethereum maintains its lead with a 72% share of the tokenized Treasury market.

• Forward-Looking Layout for Digital Currencies: Henry Jim's analysis suggests that DLT Shares may be preparing for digital currencies or digital cash. This means BlackRock may explore integration with stablecoins (like USDC) or central bank digital currencies (CBDCs), paving the way for on-chain payments and financial derivatives.

3. BlackRock's Strategic Intent

Behind the launch of DLT Shares lies a multi-layered strategic intent:

• Seizing the On-Chain Financial Opportunity: BlackRock has been laying the groundwork in the blockchain space for years. Its BUIDL fund (BlackRock USD Institutional Digital Liquidity Fund) has reached $1.7 billion since its launch on Ethereum in 2023 and expanded to seven blockchains, including Solana, by March 2025, with expectations to surpass $2 billion in early April. DLT Shares further expand this landscape, solidifying BlackRock's leadership in tokenized finance.

• Attracting Institutional Capital: By utilizing compliant blockchains (like in partnership with Securitize) and authoritative custodians (BNY Mellon), DLT Shares lower the entry barriers for institutional investors. Posts on platform X reflect community expectations for an "influx of institutional capital," which is believed to drive up the prices of assets like SOL and ETH.

• Exploring a Multi-Chain Ecosystem: BlackRock's multi-chain strategy (supporting Solana, Ethereum, Polygon, etc.) shows its reluctance to bet on a single blockchain, instead opting for a diversified approach to mitigate technical risks and cover a broader user base. This may promote interoperability between public chains, such as cross-chain bridges or the establishment of unified standards.

• Paving the Way for Digital Currencies: The on-chain characteristics of DLT Shares give them the potential for integration with digital currencies. BlackRock may use this to test blockchain applications in payments, settlements, and other scenarios, accumulating experience for future collaborations with CBDCs or stablecoins. CNBC reported that BlackRock CEO Larry Fink believes tokenization will "completely change financial ownership," and DLT Shares are a manifestation of this vision.

• Reducing Operational Costs: Blockchain technology can reduce intermediary roles and proxy voting costs. Fink stated at the Davos Forum that tokenization allows "each owner to receive voting notifications directly," reducing BlackRock's operational burden in ESG controversies.

Solana and Ethereum: The On-Chain Arena of Traditional Finance

BlackRock's multi-chain strategy has made Solana and Ethereum the focal points of this revolution. The competition between the two is not only a technological contest but also a microcosm of the future landscape of Web3.

Solana: The King of Speed and Cost

Solana has emerged with its astonishing performance. With a transaction processing capability of over 4000 transactions per second (TPS) and transaction fees as low as a few cents, Solana has become a "hot commodity" in the eyes of institutions. In March 2025, the expansion of the BUIDL fund to Solana triggered a significant rise in SOL prices. According to CoinDesk, Lily Liu, chair of the Solana Foundation, stated, "The speed, low cost, and active developer community of Solana make it an ideal platform for tokenized assets." Even more exciting, Solana's DeFi ecosystem surpassed Ethereum's transaction volume in early 2025, demonstrating its potential in the on-chain finance space.

The community sentiment on platform X is high, with many users believing that Solana's low costs and high efficiency will attract more traditional financial institutions. Some posts boldly predict, "If BlackRock launches a Solana ETF, the price of SOL will skyrocket!" In fact, in April 2025, insiders at BlackRock hinted at the potential launch of ETFs for Solana and XRP, further igniting market expectations.

Ethereum: The Sovereign of Security and Ecosystem

Despite Solana's aggressive rise, Ethereum remains firmly seated on the throne of tokenized assets. According to data from RWA.xyz, in March 2025, the market size of tokenized U.S. Treasury securities reached $5 billion, with 72% ($3.6 billion) operating on Ethereum. 93% of the BUIDL fund's assets are still held on Ethereum, highlighting its irreplaceability in terms of security and liquidity. Additionally, Ethereum's Layer 2 solutions (such as Arbitrum and Optimism) have significantly enhanced its scalability, allowing it to maintain a leading position in the tokenization of high-value assets.

However, Ethereum is not without concerns. On platform X, some users warn that the concentration of Ethereum's validators may pose centralization risks, which is particularly sensitive in the context of institutional focus on compliance. Nevertheless, Ethereum's mature ecosystem and large developer community remain its core advantages. Fortune Crypto points out, "Ethereum's robustness and developer support make it the preferred choice for tokenizing high-value assets."

The Future of Competition

The contest between Solana and Ethereum resembles a game of speed versus stability. Solana's low costs and high throughput make it more attractive for institutional trading, while Ethereum's deep ecosystem and Layer 2 scalability reinforce its leadership position. If BlackRock's DLT Shares are deployed on one of the two chains or support both simultaneously, it will undoubtedly further increase the demand for SOL and ETH. More interestingly, this competition may give rise to 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 are not only a symbol of its own transformation but also a catalyst for the wave of RWA tokenization. According to data from RWA.xyz, the market for tokenized U.S. Treasury securities has grown nearly sixfold in the past year, skyrocketing from $800 million to $5 billion, while 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 exceeding $671 million) and Fidelity Investments' Ethereum tokenization fund (set to take effect in May 2025).

This wave extends far beyond Treasury securities. BlackRock's success may inspire more traditional assets to go on-chain, such as stocks, real estate, and even artworks. Imagine a future where investors can purchase an apartment in Manhattan through blockchain or hold tokenized shares of a Picasso painting. DeFi protocols like Aave and Curve have begun exploring integration with tokenized assets, while stablecoins (like USDC) may become the bridge for on-chain payments. Discussions on platform X are heated, with some exclaiming, "RWA is the killer application for Web3!" but others worry, "Will the influx of traditional financial institutions cause Web3 to lose its decentralized soul?"

Opportunities and Challenges in 2025

Looking ahead to 2025, BlackRock's on-chain revolution opens up infinite possibilities for Web3. The rapid growth of the RWA market will attract more institutional players, with Goldman Sachs and JP Morgan already exploring tokenized bonds and credit products. On the policy front, Trump's announcement in March 2025 of a "Strategic Crypto Reserve" plan (covering Bitcoin, Ethereum, and Solana) provides a more favorable environment for blockchain applications, potentially further promoting RWA tokenization.

However, challenges cannot be overlooked:

• Regulatory Uncertainty: The U.S. Securities and Exchange Commission (SEC) may intensify its scrutiny of on-chain assets, especially products involving permissioned or semi-decentralized chains. While BlackRock's compliance strategy with Securitize has earned it trust, tightening regulations could slow the industry's pace.

• Technical Risks: Solana's network has previously experienced stability issues; although significant improvements have been made by 2025, institutions still need to verify its reliability. While Ethereum's Layer 2 has enhanced performance, its complexity may increase development costs.

• Community Divisions: The Web3 community has polarized views on the entry of traditional financial institutions. On platform X, some welcome BlackRock's funding and technical support, believing it will boost the value of on-chain assets; however, others worry that institutional compliance demands may lead Web3 toward centralization.

Conclusion: The Dawn of an On-Chain Future

BlackRock's $150 billion on-chain plan is not just a technological experiment but a transformation of financial paradigms. It combines the vast scale of traditional finance with the innovative potential of blockchain, opening a new chapter for Web3. The speed of Solana and the stability 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 that spans two worlds.

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

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。