A new liquidity network backed by firms including BlackRock (BLK) and Janus Henderson (JHG) is aiming to make the $15 billion tokenized Treasury fund market function better than their traditional counterparts.
Grove, a blockchain-based credit infrastructure specialist, unveiled Thursday a facility designed to provide instant stablecoin liquidity for investors exiting tokenized real-world asset funds. The platform will offer up to $1 billion in committed daily liquidity at launch.
The product, dubbed Basin, targets one of the biggest shortcomings in the fast-growing tokenized Treasury market. While blockchain-based funds promise round-the-clock trading and near-instant transfers, many still rely on traditional settlement rails when investors redeem shares, often creating delays measured in days rather than minutes.
Basin is designed to bridge that gap by advancing stablecoin liquidity against approved redemptions or transfers while the underlying fund settlement continues through normal channels. The first two tokenized funds to benefit from the facility are BlackRock’s $2.2 billion BUIDL, issued by Securitize, and the $1.1 billion Janus Henderson Anemoy Treasury Fund (JTRSY), tokenized by Centrifuge.
BlackRock and Janus Henderson are joining Basin as launch asset managers, while Securitize and Centrifuge provide tokenization infrastructure. Anchorage Digital, Galaxy Digital and FalconX will connect institutional clients to the liquidity network.
The launch comes as the tokenized U.S. Treasury sector has become one of crypto’s fastest-growing markets, expanding over 130% over the past year to surpass $15 billion in assets. Global asset managers including BlackRock, Franklin Templeton and JPMorgan have rolled out tokenized products over the past years as Wall Street pushes deeper into blockchain infrastructure. Institutions increasingly use these funds to park cash in blockchain-based versions of money-market funds.
Supporters say tokenization can modernize finance by making assets programmable, easier to transfer and available for use as collateral across digital markets. But many products still mirror traditional systems operationally, limiting some of the efficiency gains blockchain technology promises.
“There’s significant potential for tokenization to improve how capital markets operate, but unlocking real benefits for investors requires addressing the underlying infrastructure,” Robbie Mitchnick, BlackRock’s global head of digital assets, said in a statement. “By reducing settlement friction and enhancing liquidity, solutions like Grove Basin represent an important step toward making tokenized funds more efficient and more usable for institutional investors.”
“We’ve seen a few smaller facilities, but none that have come close to the size and scale of Grove’s,” said Bhaji Illuminati, CEO of Centrifuge, one of Basin’s tokenization partners, in a statement. “This is a great step towards making onchain assets better than their offchain equivalents.”
