BlackRock, the world's largest asset manager, has launched a new tokenized investment fund in collaboration with Securitize.

The fund, named BlackRock USD Institutional Digital Liquidity Fund, is represented by an ERC-20 token called BUIDL on the Ethereum blockchain.

It has been initially funded with $100 million in USDC stablecoin and requires a minimum investment of $100,000.

BlackRock CEO Larry Fink views tokenization as the future of finance and sees BTC and ETH ETFs as steps towards this vision.

The fund's creation is part of BlackRock's broader strategy to innovate in the digital assets space, evidenced by their Bitcoin ETF launch and upcoming Ethereum ETF.

The market reacted favorably to the announcement, with a notable 20% increase in the value of Ondo Finance's ONDO token, despite a general market downturn.