According to the source, a post on X dated 2025-09-16 states Galaxy Digital will debut a tokenized money market fund to compete with BlackRock and Franklin Templeton, source: X post dated 2025-09-16. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is an existing tokenized money market fund issued via Securitize on Ethereum for qualified investors, source: BlackRock; Securitize. Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX) offers BENJI tokens on Stellar and Polygon to KYC investors and invests in U.S. government securities and repos, source: Franklin Templeton. For trading context, tokenized money market funds provide on-chain access to U.S. Treasury–backed yields for institutions, serving as a benchmark for on-chain cash management, source: BlackRock; Franklin Templeton.

According to @Andre_Dragosch, BlackRock’s tokenized money market fund BUIDL has begun trading on Deribit, which was recently acquired by Coinbase. This move signals further institutional adoption of tokenized assets within the crypto ecosystem, potentially increasing liquidity and trading opportunities for digital asset investors. The entry of a major traditional finance player like BlackRock into tokenized fund trading could impact both DeFi and CeFi markets by bridging traditional and crypto financial products (source: @Andre_Dragosch).

According to Cas Abbé (@cas_abbe), BlackRock has officially filed to tokenize shares of its $150 billion money market fund, marking a significant advance in the Real World Asset (RWA) crypto sector. BlackRock's previous entry into RWA with the BUIDL token, which has amassed over $2.3 billion in Total Value Locked (TVL) since its 2024 launch, demonstrates strong institutional adoption. The filing signals potential for increased liquidity and accessibility for money market assets on-chain, offering traders new opportunities to capitalize on the growth of tokenized RWAs in 2025. This move underlines growing institutional confidence and could drive trading volumes in related RWA tokens as the market anticipates further developments from BlackRock (source: @cas_abbe, April 30, 2025).