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“Ethereum just scored a monster win,” said former Ethereum developer Eric Connor on X on April 30.
His comment came in reaction to an April 28 prospectus filing with the US Securities and Exchange Commission by BlackRock, which aims to tokenize its $150 billion Treasury Trust market fund with a new “DLT Shares” asset class.
It is the “biggest real-world asset flow to Ethereum yet,” said Connor.
Ethereum just scored a monster win.
BlackRock filed to tokenize its $150bn Treasury Trust money-market fund with a new “DLT Shares” class.
BNY Mellon will keep a blockchain mirror of every share on-chain.
Biggest real-world asset flow to Ethereum yet.
— Eric Conner (@econoar) April 30, 2025
Ethereum Industry Standard for RWA
The BlackRock Treasury Trust Fund is a money market fund that invests only in short-term US Treasury securities to provide income while preserving liquidity and principal. It keeps fees low and is designed for very low-risk, stable returns.
The new tokenized DLT shares of its $150 billion Treasury Trust Fund will use blockchain technology to track ownership via BNY Mellon.
BlackRock previously launched the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on the Ethereum blockchain, in partnership with Securitize. It allows qualified investors to earn yields through tokenized US Treasury securities on Ethereum.
Onchain Foundation head of research Leon Waidmann reported that 93% of BlackRock’s BUIDL is on Ethereum. The fund currently has $2.34 billion in assets under management on Ethereum, according to rwa.xyz.
“Institutions follow deep liquidity, credible neutrality, and battle-tested security,” he said before adding, “ETH is already their settlement layer.”
“BlackRock is building on Ethereum. They’re betting on ETH as the leading ecosystem,” said researcher “CryptoGoos,” who added that Ethereum is “extremely undervalued.”
BlackRock is building on Ethereum.
They’re betting on $ETH as the leading eco-system.
Don’t get fooled now.
Ethereum is extremely undervalued. pic.twitter.com/dubhrzqxk4
— CryptoGoos (@crypto_goos) April 29, 2025
The firm does appear to be going all-in on tokenization. “Tokenization will revolutionize investing,” BlackRock CEO Larry Fink said in March.
“Markets wouldn’t need to close. Transactions that currently take days would clear in seconds. And billions of dollars currently immobilized by settlement delays could be reinvested immediately back into the economy, generating more growth,” he added.
Ethereum is currently the industry standard for real-world asset (RWA) tokenization with a 56% market dominance and $6.2 billion tokenized on-chain (excluding stablecoins), according to rwa.xyz.
No Love For ETH Prices
ETH prices remain at bear market lows despite the bullish fundamentals. The asset has struggled to make any progress above $1,800 over the past week and is still lingering around levels last seen in September 2023.
ETH is still 63% down from its 2021 peak price and has declined almost 50% since the beginning of the year, but analysts and advocates still think it will reach five figures soon.
Nevertheless, institutions appear to be warming to cut-price Ether as BlackRock’s spot ETH ETF (ETHA) has scooped up $162 million worth of the asset over the past four trading days.
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