Popular XRP attorney Bill Morgan has, in a post shared to X, pushed back against criticisms directed at BlackRock following its recent decision to file with the U.S. Securities and Exchange Commission as it moves to issue tokenized fund shares on Solana.
Notably, the world’s largest asset Manager, BlackRock, with a whopping $15 trillion in AUM, expanded its cash management strategy with the inception of the “BlackRock Daily Reinvestment Stablecoin Reserve Vehicle” (“BRSRV”), which debuted on Solana. The move marks BlackRock’s commitment to bringing stablecoin reserves onchain.
In a follow-up statement, Jon Steel, the Global Head of Product and Platform for BlackRock’s Cash Management business said “Cash remains a foundational building block for investors, corporations, and financial institutions,” further adding that “As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets.”
XRP Supporters share displeasure following the new development
Some members of the XRP community have reacted strongly to reports that BlackRock has not filed with the SEC to issue tokenized fund shares on the XRP Ledger, yet the development may carry limited weight given Ripple’s broader efforts.
In response, Bill Morgan, known for speaking in favor of Ripple and the XRP community, has emphasized that the partnership does not undermine Ripple’s growth.
 
“Ripple by acquisition and investment is enabling institutions to issue and manage tokenized funds/share classes on the XRPL and use them as collateral and achieve atomic settlement of trades on the XRPL.” Morgan wrote.
These initiatives aim to scale institutional tokenization on the ledger and address longstanding market inefficiencies, including slow settlement times, fragmented liquidity, and idle collateral. Whether BlackRock and Solana pursue parallel or alternative solutions for certain institutions does not diminish the progress underway on the XRPL.
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