Crypto Biz: Crypto’s biggest business is starting to look a lot like banking

At first glance, this week’s biggest business stories could have come straight from Wall Street. BlackRock launched tokenized money market funds for stablecoin reserves. Tether generated another $1.5 billion in profit from its US Treasury holdings. Tokenized gold continued gaining traction, though its use in decentralized finance remains limited. Even Bitcoin (BTC) mining was defined by production costs, profitability and balance sheet management rather than the price of Bitcoin.The digital asset industry’s business model is increasingly converging with traditional finance. Stablecoin reserves, tokenized money market funds and onchain collateral are emerging as some of the industry’s most important revenue drivers, signaling that blockchain’s next phase may be shaped as much by financial infrastructure as by digital assets themselves.BlackRock launches tokenized reserve funds for stablecoin issuersAsset manager BlackRock has introduced two tokenized money market products designed to help stablecoin issuers meet reserve requirements under the US GENIUS Act, expanding its push into blockchain-based financial infrastructure.One fund tokenizes shares of BlackRock’s existing Treasury li...