A new liquidity network backed by the likes of BlackRock (BLK) and Janus Henderson (JHG) aims to make the $15 billion tokenized Treasury fund market perform better than its traditional counterparts.
Grove, a blockchain-based credit infrastructure specialist, on Thursday unveiled a facility designed to provide instant stablecoin liquidity to investors exiting real-world tokenized asset pools. The platform will offer up to $1 billion in daily committed liquidity at launch.
The product, called Basin, targets one of the biggest shortcomings in the fast-growing tokenized Treasury bond market. While blockchain-based funds promise round-the-clock trading and near-instant transfers, many still rely on traditional settlement systems when investors redeem shares, often resulting in delays measured in days rather than minutes.
Basin is designed to close that gap by advancing stablecoin liquidity against approved redemptions or transfers while settlement of the underlying fund 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 join 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 US Treasury sector has become one of the fastest-growing crypto markets, expanding more than 130% over the past year to surpass $15 billion in assets. Global asset managers including BlackRock, Franklin Templeton and JPMorgan have launched tokenized products in recent years as Wall Street digs deeper into blockchain infrastructure. Institutions are increasingly using these funds to deposit cash into 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 in digital markets. But many products still mirror traditional systems operationally, limiting some of the efficiency gains that blockchain technology promises.
“There is significant potential for tokenization to improve the functioning of capital markets, but unlocking real benefits for investors requires addressing the underlying infrastructure,” Robbie Mitchnick, global head of digital assets at BlackRock, said in a statement. “By reducing settlement friction and improving liquidity, solutions like Grove Basin represent an important step in making tokenized funds more efficient and more usable for institutional investors.”
“We have seen some smaller installations, but none that have come close to the size and scale of Grove’s,” Bhaji Illuminati, CEO of Centrifuge, one of Basin’s tokenization partners, said in a statement. “This is a big step in making on-chain assets better than their off-chain equivalents.”
