BlackRock is moving deeper into tokenized funds, and the moves are starting to look like a bid to bring traditional ETFs onto blockchains.

Reports have disclosed that the firm’s tokenized money market product, known as the BlackRock USD Institutional Digital Liquidity Fund or BUIDL, is already live on the Ethereum network and works with firms such as Securitize and BNY Mellon for transfer agent and custody roles.

BlackRock Tokenized Fund Partners And Setup

According to filings and industry reports, the BUIDL fund is backed by cash, US Treasury bills, and repurchase agreements.

Transfer agent duties are being handled by Securitize while custody services are provided by BNY Mellon. Other infrastructure providers named in reports include Fireblocks, BitGo, Coinbase and Anchorage Digita

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