BlackRock's tokenized MMF 14% AUM Outflow: What allocators are telling us.

While policymakers around the world are making pro-crypto pivots worth celebrating, a quiet shake-up just hit the heart of the tokenized money market fund (tMMF) space.

The entire space saw $1B outflow in the past 30 days. In particular, BlackRock’s tokenized MMF AUM has seen over $400M in outflows in just past two weeks, wiping out 14% of its AUM. That scale of redemption is anything but normal.

What’s going on? One word: rotation.

If you are new to tokenized MMFs, know this - they are likely the first institutional capital markets product that will scale into trillions driven by its killer use case: collateral mobility. Here are 3 case studies.

From State Street to Fidelity, nearly every top asset manager is either live or entering this space. BlackRock had the early lead with $2.9B in AUM - until two weeks ago.

In this week’s research note, I’ll take you behind the scenes of the BUIDL unwind:

• Who pulled money

• How much they pull

• Why they rotated out

• And what it means for the evolving market structure of tMMFs

  
  

Let’s dive in.

BlackRock tokenized MMF AUM OutflowWho pulled money?

Between July 17th and July 22nd, the total AUM of BUIDL dropped by a staggering $400M or 14% of its $2.9B AUM. 

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