Analyst 2xnmore tweeted a breakdown on May 11 that connects two seemingly separate news.
BlackRock filed with the SEC on May 8, 2026, for two tokenised money-market funds: BSTBL (a tokenised share class for its existing $6.1 billion Treasury liquidity fund on Ethereum) and BRSRV (a new multi-chain vehicle designed for stablecoin holders who prefer self-custody). Together, they target the $320 billion stablecoin market that currently sits idle in wallets earning nothing.
But 2xnmore points to a detail most people missed. BlackRock’s BUIDL fund (now at $2.5 billion) is the primary underlying asset backing OUSG, Ondo’s flagship institutional treasury product. Every dollar that flows into BlackRock’s expanding tokenised Treasury ecosystem flows into the same infrastructure OUSG sits on. “BlackRock is not a partner of Ondo,” he wrote. “BlackRock is the foundation on which Ondo’s most important product is built.”
What you'll learn 👉
2xnmore’s Thesis: The Yield Layer Gets Built, The Protocol Gets The Trade
Six months ago, BlackRock’s Head of Digital Assets laid out this entire roadmap on Bankless. Most people watched it as interesting commentary. 2xnmore says it was a product announcement six months early. The May 8 SEC filing is the confirmation.
Here is what the community has not connected yet. BRSRV targets stablecoin holders who keep money in self-custodied wallets. BSTBL tokenises BlackRock’s existing $6.1 billion Treasury liquidity fund on Ethereum. Both are designed for a simple purpose: to let the $320 billion of idle stablecoins start earning yield without leaving crypto rails.
BlackRock just filed with the SEC to become the yield layer underneath a $320 billion stablecoin market.
— 2xnmore (@2xnmore) May 10, 2026
And the protocol sitting directly on top of that infrastructure is $ONDO.
Here is what most of the community has not connected yet.
BlackRock filed for two tokenised money… pic.twitter.com/ux9xl5xPLI
And OUSG – Ondo’s tokenised US Treasury fund – earns its yield by holding BUIDL. Ondo publicly migrated the vast majority of OUSG’s reserves into BUIDL precisely to offer instant 24/7 stablecoin redemptions and lower minimums. When BlackRock scales its tokenised Treasury foundation from $2.5 billion to a product targeting hundreds of billions in stablecoin reserves, the protocol sitting directly on top of that infrastructure does not stay at current prices forever.
BlackRock also sent a letter to the OCC this week pushing back on a proposed 20% cap on tokenised assets as stablecoin reserves. They argued it penalises form over substance rather than risk. They are not just building. They are lobbying regulators to remove the limits on how far this can go.
The people who understood what BUIDL meant for OUSG before this week are already positioned. The people reading this now are not late. The people who wait for the headline are.
ONDO Price Outlook
A landmark pilot executed by Ondo Finance alongside JPMorgan, Mastercard and Ripple on May 6 demonstrated how public blockchain settlement can integrate with traditional bank rails for institutional settlements. Ripple redeemed a portion of its OUSG holdings on the XRP Ledger, Ondo processed the redemption, Mastercard’s Multi-Token Network routed the fiat instruction, and JPMorgan’s Kinexys delivered USD to Ripple’s Singapore bank account. The asset leg settled in under five seconds.
With no imminent coin-specific catalyst in view, ONDO’s near-term path depends on broader altcoin sentiment and key technical levels.
Key support and resistance zones:
| Level | Type | Significance |
|---|---|---|
| $0.35 | Major support | Previous breakout base; loss here would invalidate bullish structure |
| $0.38 | Secondary support | Recent consolidation area |
| $0.40 | Critical support | Holding this level is essential for bulls to maintain the recent breakout |
| $0.45–0.47 | Immediate resistance | January highs and a major supply zone |
| $0.55–0.60 | Key resistance | Next major target if $0.47 clears |
Holding the $0.40 support is crucial for bulls. A successful hold above that level could allow a move toward the $0.45–0.47 resistance zone. A clean breakout above $0.598 (the January high) on the weekly chart would target the $0.70–0.85 range. A rejection from $0.40, however, could see a retracement toward $0.38 or $0.35.
The pilot with JPMorgan, Mastercard and Ripple has already been priced in, but BlackRock’s May 8 filing has not yet fully registered with the market. Traders are watching for a confirmed weekly close above the $0.47 zone to signal that the next leg is starting.
Short-term bias: Cautiously bullish, but dependent on ONDO holding recent gains. Watch for Bitcoin’s stability above $80,000 and continued strength in the Altcoin Season Index as broader market health indicators.
Our Take
2xnmore’s core insight is correct. BlackRock is not whimsically experimenting with tokenisation. BUIDL has grown to $2.5 billion across eight blockchains. BlackRock’s SEC filing on May 8 explicitly targets the $320 billion stablecoin market that currently earns nothing. And OUSG – one of Ondo’s flagship products – is built directly on top of BUIDL. That is not a partnership. That is architectural dependency.
The May 6 pilot with JPMorgan, Mastercard and Ripple showed the market that tokenised US Treasuries can settle cross-border in seconds, bridging public blockchains to bank rails. That was the proof of concept. BlackRock’s May 8 filing is the scaling plan.
However, two risks exist. First, BlackRock’s new funds are not yet approved. The SEC still has discretion. Second, ONDO’s price has already rallied significantly from its lows. A failure to hold $0.40 could trigger a retracement toward $0.35 before the next leg up. The BlackRock narrative is powerful, but markets do not always move in a straight line.
The people who wait for the headline are the ones who buy the top.
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