BlackRock Plans to Tokenize Its ETFs

According to Bloomberg, citing filings submitted to the U.S. Securities and Exchange Commission (SEC), BlackRock is preparing to launch two tokenized money market funds designed for investors who store funds in stablecoins and crypto wallets instead of traditional bank accounts.

Ripple CTO Emeritus David Schwartz said $XRP’s use case is expanding as the $XRP Ledger supports issued assets, tokenised real-world assets and a growing range of financial products such as securities, funds, repo transactions and loans.

The crypto sector is preparing for a week packed with major token unlocks, sparking speculation among investors. The market is set to see a cumulative $938 million worth of token unlocks from June 8 to June 14. According to data from DefiLlama,

At the beginning of June, flows into cryptocurrency exchange-traded funds (ETFs) showed a defensive trend: Bitcoin-focused funds lost nearly half a billion dollars, while Ethereum-based products extended their outflow streak to 15 trading days. At the same time, $XRP and $HYPE ETFs once again attracted fresh capital, indicating that investors are still making selective bets beyond the largest crypto assets.

On May 26, a large investor whose identity remains unknown sold $1.26 billion worth of BlackRock's Bitcoin ETF in a major over-the-counter (OTC) transaction. The entire position was sold below market price, contributing to Bitcoin's decline below the $73,000 level.