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BlackRock Enters Asset Tokenization Race With New Fund on the Ethereum Network

Asset management giant BlackRock (BLK) officially unveiled its tokenized asset fund on the Ethereum network on Wednesday. The BlackRock USD Institutional Digital Liquidity Fund is represented by the blockchain-based BUILD token, and is fully backed by cash, U.S. Treasury bills, and repurchase agreements, and will provide yield paid out via blockchain rails every day to token holders, according to a press release. BlackRock also made a "strategic investment" in Securitize, the press release added, but the terms of the deal weren't disclosed. The announcement came after a regulatory filing revealed that BlackRock incorporated a fund with Securitize.

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