BlackRock enters on-chain investment portfolios, tokenized U.S. stocks reach a historic milestone
1. Wall Street giants officially embrace on-chain finance
In September 2026, the tokenized assets sector saw a landmark event. RWA protocol Ondo Finance announced the launch of Ondo Intelligent Portfolios, simultaneously onboarding three tokenized investment assets on-chain, covering exposure to U.S. stock equities, bonds, and Bitcoin ETFs. The underlying strategy is provided by BlackRock, the world’s largest asset manager. After the news was released, the ONDO token surged by about 30% in a single day—proving that the market is backing this trend with real money.
This is not an ordinary product rollout. As a supergiant managing more than $10 trillion in assets, BlackRock directly participates in the strategy supply for on-chain portfolio products. This means traditional finance’s recognition of decentralized infrastructure has moved from tentative testing to real execution. In recent years, we have seen traditional institutions issue tokenized funds, and we have also seen on-chain protocols imitate traditional assets. But for a company like BlackRock to provide underlying strategy support directly for on-chain products—this is unprecedented.
2. Tokenized U.S. stock ecosystem accelerates expansion
BlackRock’s entry is not an isolated event, but a snapshot of the broader acceleration of the tokenized U.S. stock ecosystem. According to the latest data, this year BNB Chain’s added RWA market value reached $3.4 billion, ranking first among all public chains. The number of holders of tokenized stocks jumped from about 100,000 one year ago to 4.3 million, with BNB Chain alone carrying 1.8 million holders—accounting for the largest share.
Meanwhile, the Ethena protocol announced a partnership with Binance, expanding USDe yield strategies from crypto perpetual contracts to U.S. stock perpetual contracts. Specifically, it buys tokenized stock certificates and simultaneously shorts U.S. stock perpetual contracts denominated in USDT, aiming to capture basis spread yield. Ethena founder Guy Young said this is the most important expansion of the yield mechanism since USDe launched, and could unlock a large amount of new yield capacity. After the announcement, the ENA token rose significantly, and market confidence was notably strengthened.
These two threads converge on a clear trend: tokenized U.S. stocks are moving from peripheral experiments into mainstream financial infrastructure.
3. Institutional capital continues to flow into the crypto market
Running in parallel with the heating up of tokenized U.S. stocks is the continued buying of crypto assets by institutions. U.S. spot Bitcoin ETFs have recorded net inflows for seven consecutive days. On September 25 alone, net inflows reached $134 million, bringing total assets under management to over $2.8 billion. Among them, BlackRock’s IBIT contributed about $97 million in a single day again, reaffirming its dominant position in the BTC ETF market. On the same day, spot Ethereum ETFs also recorded net inflows of $86.95 million, with ETHA and the newly launched staking ETF ETHB leading the inflows.
Behind the ETFs’ ongoing capital-absorbing power is a structural increase in institutional allocation demand. More and more pension funds, hedge funds, and family offices are bringing Bitcoin and Ethereum into asset-allocation frameworks—and with expectations that interest rates have peaked, this trend can only accelerate.
4. Uncertainties brought by the surge in U.S. Treasury yields
However, the market is not universally optimistic. U.S. 30-year Treasury yields have broken above 5.5%, and 10-year yields have touched 5.23%, both hitting new highs since 2004. Persistent stubborn inflation data, strong economic performance, and market expectations that the Federal Reserve will continue raising rates have all pushed borrowing costs higher.
A high-yield environment puts pressure on risk assets. When risk-free returns exceed 5%, the opportunity cost for speculative assets rises significantly, with low-market-cap DeFi tokens bearing the brunt first. Goldman Sachs analysts believe the market may have over-priced the room for further rate hikes, and that in practice it might only require one more hike to enter a pause cycle. If this assessment holds, then today’s high-rate environment could be the final round of stress testing—once interest-rate expectations shift, risk assets may see valuation repair.
5. The regulatory environment is becoming clearer step by step
A positive signal worth noting is that the U.S. SEC’s Division of Corporation Finance issued new guidance clarifying that ETH staking receipt tokens do not constitute securities when they function purely as receipts. This clarification covers multiple areas—including token buybacks, wrapped assets, and functional networks—delineating a clearer regulatory boundary for crypto assets. As regulation becomes clearer and institutional players move in, a more mature development environment is being built for the tokenized asset sector.
Taken together, BlackRock’s on-chain portfolio entry, the explosive growth in tokenized U.S. stock holders, continued ETF inflows, and progressively clearer regulation paint a picture of deep integration between traditional finance and the on-chain world. In the short term, elevated Treasury yields may bring volatility, but in the medium to long term, the expansion trend of tokenized U.S. stocks and on-chain financial infrastructure is irreversible.
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