Foreign media reports that BlackRock's latest blockchain product in collaboration with Ondo is advancing tokenization from "moving a single asset onto the blockchain" to "turning a basket of assets into tradable tokens." These products are targeted at qualified investors outside of the United States and also caused a significant rise in ONDO after the announcement of the news.

Three strategies are packaged into a single token.

What is launched this time is not a mapping version of a single stock or a single fund, but three complete investment portfolios. The corresponding codes are BLKHIon, BLKDIGon, and BLKGRWon, which represent high-yield, diversified growth, and high-growth strategies respectively.

The article states that the characteristic of these tokens is that each token corresponds to a complete set of asset allocations. Changes in holdings and weights can be viewed on the blockchain, and the combinations will also be rebalanced according to preset settings. Unlike fund shares in traditional brokerage accounts, these products can be transferred point-to-point between wallets.

Previously, BlackRock had already brought money market funds onto the blockchain through BUIDL. Ondo also turned BlackRock's iShares, Core S &P 500, ETF and other assets into tokenized products. However, in the past, these were mostly mappings of single assets onto the blockchain, while this time it has been extended to include composite products as well.

BlackRock provides strategies, while Ondo is responsible for issuance and circulation.

The article points out that the most notable aspect of this structure is not only the change in product form but also the division of labor between institutions and cryptocurrency platforms.

BlackRock provides investment strategies, and the names of these strategies also appear directly in the product codes. However, disclosure documents with the identifier Ondo indicate that BlackRock is not the investment advisor, manager, sponsor, underwriter, marketer, or distributor of these products, nor does it supervise or control the operation of the products.

In other words, traditional asset management institutions provide brand and strategic capabilities, while on-chain platforms are responsible for product development, distribution, and actual operational responsibilities. This arrangement allows large institutions to participate more deeply in on-chain financial products, while minimizing the operational and regulatory risks they bear directly.

Tokenized products are beginning to move from packaging to reconstruction.

The article argues that the significance of this collaboration lies in the fact that tokenization is no longer merely about replicating existing financial instruments onto the blockchain; rather, it marks the emergence of new product forms that are more suited for circulation on the blockchain.

Compared to traditional fund accounts, these types of composite tokens can be transferred directly between wallets, and changes in holdings are also more transparent. For institutions, this model provides a new path to the blockchain: they can retain their brand and strategy execution, while entrusting the execution, distribution, and technical infrastructure to native crypto platforms.

Driven by the news, ONDO rose by about 30% on that day. The article also mentioned that recently, U.S. regulators have become more lenient towards certain on-chain financial structures, and there is speculation that more similar products may emerge in the future.