Crypto Firms Rethink Onchain Speculation with Shift to Financial Infrastructure Models

Financial infrastructure models are gaining traction in the crypto space as more of its value is being routed through these systems rather than pure onchain speculation. BlackRock has introduced two tokenized money market products aimed at helping stablecoin issuers meet reserve requirements under the US GENIUS Act framework.

The products, which tokenize exposure to BlackRock's existing Treasury liquidity strategy on Ethereum and a new institutional money market vehicle for digital asset markets, are designed to provide a clearer bridge between traditional compliance expectations and blockchain-based settlement. This move reinforces BlackRock's growing footprint in tokenized Treasurys and reflects a broader trend of Wall Street firms entering tokenized markets as infrastructure providers.

Tokenized gold has shown resilience during market volatility but its DeFi adoption remains limited, with only a small fraction used as collateral on Aave v3 and Morpho. Tether reported $1.5 billion in second-quarter net operating profit driven primarily by interest earned on US Treasury holdings and repurchase-related arrangements.