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BlackRock, the world’s largest asset manager, launched two tokenised money-market funds, extending its push into real-world assets (RWAs). The funds will invest in short-term, low-risk securities and, unlike stablecoins, generate a yield while seeking to maintain a stable value. These launches build on BlackRock’s existing tokenised fund, BUIDL, which is one of the leading names in the growing RWA category.
BlackRock’s new onchain funds are available on Ethereum and Solana, and will go live on Tempo, the upcoming blockchain being developed by Stripe. In its filing, the company noted that support for other blockchains may be added in future.
In a busy week for BlackRock, it announced its first tokenised access to funds in Europe. This is achieved through onchain share classes minted on the Ethereum blockchain, in partnership with Kinexys by JPMorgan.
RWAs and asset tokenisation continue to be fast-growing categories. BlackRock was among the first major financial institutions to move into this area to achieve faster settlement times, lower operational costs, and 24/7 global liquidity. Fidelity, Morgan Stanley and State Street are among the other financial institutions to have expanded into RWAs.
According to data provider RWA.xyz, the market value of RWAs is approximately $53.1 billion ($37.4 billion USD), and has been climbing throughout this year. Nearly half of this total is attributable to tokenised U.S. Treasury funds such as BlackRock’s BUIDL.
Value of all RWAs trending higher over time (Source: RWA.xyz)
Earlier this week, Pump.fun (PUMP) rallied to its highest level since early February. This coincided with a steady increase in various key metrics (e.g. volume, active users, revenue) for the project throughout July, including the amount of PUMP being bought back by the protocol.
For context, Pump.fun currently directs 50% of its net platform revenue to buying back and burning PUMP tokens. It generates revenue from initial trading of tokens launched on its platform, its decentralised exchange, and its advanced trading terminal.
The news comes as USDC trading launched live in its app, letting users trade any token on multiple blockchains like Solana, Robinhood Chain and Ethereum at 0% fees using a single USDC balance. Previously, users had to manage native tokens (e.g. ETH, SOL, BNB) of each chain in order to trade on them, creating added friction for users.
Pump.fun’s weekly revenue has climbed since mid-July (Source: DefiLlama)
Hyperliquid (HYPE) continues to see growth in its permissionless markets, known as HIP-3 markets, which let users trade for tokenised assets, such as gold, stocks and oil. As the below chart shows, HIP-3 daily volume has increased markedly since launching nearly a year ago. In July, approximately $159 billion ($112 billion USD) of volume was recorded in HIP-3 markets. Over half of this (61%) was attributable to derivatives of stocks (e.g. SpaceX, Microsoft), the largest portion for that category to date.
Daily volume on HIP-3 markets hit all-time highs in July (Source: ASXN)
Cloudflare, a global web infrastructure and security company, introduced Cloudflare Wallets, a product aimed at making it easy for AI agents to store stablecoins, purchase services, and receive funds across the web.
According to the announcement, Cloudflare Wallets will let human creators fund a central ‘Account Wallet’ that will be able to receive, hold, and manage stablecoins. From there, users will be able to assign ‘Virtual Wallets’ to individual AI agents to autonomously buy APIs, tools, and content.
The introduction of Cloudflare Wallets is the latest of several efforts to accelerate the shift from human-driven web browsing to agent-driven commerce, where AI agents can act as independent economic actors. It comes nearly a year after Cloudflare announced its own U.S. dollar stablecoin to power AI-driven finance.
