Wall Street’s use of blockchain is no longer limited to simply digitizing stocks, bonds and money market funds; it is shifting toward reshaping how the financial system operates. BlackRock says the current focus is on using tokenized assets as collateral, enabling investors to trade around the clock, and reducing the need for redemptions when ownership is transferred. BlackRock’s head of cash management for Asia Pacific said its tokenized funds are already being used as collateral in digital asset markets, but broader adoption in traditional finance is still constrained by banks’ willingness to accept them, market infrastructure and regulatory certainty. Its first tokenized fund, BUIDL, has now grown to about $2.3 billion, and the company has launched tokenized liquidity products in the US, Europe and Hong Kong.

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