Made in America, Sold Abroad | BlackRock's Tokens & the Two-Tier Tokenization Market

BlackRock, the world's largest money manager, has let a crypto firm called Ondo Finance turn three of its ready-made investment mixes into digital tokens. These mixes, known as model portfolios, are preset recipes that financial advisers buy off the shelf instead of picking funds themselves. They are a big business: assets in them grew from $7.7 trillion to $9.8 trillion in the year to June.

This is the first time BlackRock has designed portfolios for another firm to turn into tokens. There is one line that matters more than the rest: the tokens are for non-US investors only, and buyers do not own the funds inside. They get the price moves, not the ownership.

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