Yilihua: BlackRock Bets on Ethereum RWA, ETH Rally Becomes a Security Necessity

LD Capital founder Yili Hua shared on X, “Another reason to be bullish on ETH: earlier, BlackRock launched the BUIDL tokenized money market fund, which uses its custodied treasuries and repurchase agreements as underlying assets. The fund currently has a scale of about $2.9 billion, with $2.68 billion—over 92%—deployed on Ethereum. BlackRock’s total short-term debt and similar assets under custody are around $1 trillion, so this fund’s market penetration is less than 0.13%. However, the cost to attack Ethereum is still too low at present. As a PoS chain, Ethereum’s staked amount in June was 34.65 million ETH, close to 30% of the circulating supply, meaning the total circulating supply is 115.5 million ETH. An attacker would need to control 34% of the staked assets, which is about 10% of Ethereum’s circulating market cap, so the attack cost is only $31.5 billion. Meanwhile, BlackRock’s RWA holdings on Ethereum have already reached $2.68 billion. As RWA scale increases, Ethereum must also rise in value; otherwise, the on-chain asset issuance market cap cannot expand. BlackRock’s issuance of an Ethereum ETF and continuous accumulation is aimed at driving up Ethereum’s price, so that a staked ETH ETF can increase its share of staked treasuries, thereby enhancing the security of RWA assets deployed on Ethereum.”