BlackRock’s On-Chain Fund Tops $500M; Visa and JPMorgan Push Crypto Into Real-World Settlements

From Speculation to Services: Real Dollars, Real Settlement

Crypto’s newest wave is unfolding far from retail trading screens. Blue-chip names are turning blockchains into back-end infrastructure for payments, treasuries, and capital markets, with stablecoins and tokenized assets now used to move real dollars—and reduce reconciliation friction—at scale. The shift reflects a pragmatic pivot toward cost, speed, and programmability as the core value propositions.

Institutional experiments are graduating to production pilots. BlackRock’s on-chain U.S. dollar fund has surpassed $500 million in assets, a milestone that signals institutional comfort with tokenized short-term instruments. Meanwhile, enterprises are testing stablecoins like USDC for cross-border payouts, chasing lower fees and faster settlement, a trend gaining legitimacy across central banking circles according to BIS research.

Tokenized Treasuries Become a Corporate Cash Tool

BlackRock’s push into tokenized cash management is symbolic. The asset manager’s on-chain fund gives corporate treasurers and fintechs a way to hold and programmatically allocate dollar exposure with instant settlement inside crypto rails, while maintaining conservative risk parameters. For large treasury teams, the ability to atomic-swap between stablecoins and tokenized T-bill instruments promises fewer intermediaries and intraday liquidity benefits.

Traditional players are not standing still. Franklin Templeton has run an on-chain U.S. Government Money Fund on public networks since 2021; today, the initiative sits alongside broader digital asset operations at Franklin Templeton, showing how incumbents can bifurcate digital distribution from legacy back offices. Data firms tracking tokenized Treasuries note that balances have grown from niche to material over the past year, as corporate and fintech adopters pilot programmable sweep accounts and collateral management tools data from analysts.

Stablecoin Rails Quietly Power Payouts and Cross-Border Flows

The use case with the least fanfare—and perhaps the most traction—is stablecoin settlement. Visa has tested USDC to settle payments for select acquirers and fintech partners, reducing cross-border friction and providing 24/7 movement. Circle, issuer of USDC, has standardized APIs and reporting that make it easier for enterprises to plug into stablecoin liquidity without wrestling with exchange infrastructure.

Payments heavyweights are getting practical. Stripe reintroduced crypto support with stablecoin payouts and on-ramps aimed at marketplaces and global platforms, while PayPal...