BlackRock's Major Shift: Stablecoins Upgraded from Speculative Assets to Financial Infrastructure

The world’s largest asset management firm, BlackRock, released its 2026 Global Outlook report, signaling an important development—digital assets (especially stablecoins) are officially positioned as infrastructure for payments and settlements, rather than speculative tools. This not only reflects an upgrade in the perception of crypto assets but also foreshadows profound changes in the global financial liquidity landscape over the next five years.

BlackRock’s Strategic Shift: From Speculation to Infrastructure

The report explicitly states that digital assets are viewed as the “plumbing of the financial system,” with stablecoins regarded as the “digital dollar track,” evolving from native crypto tools to bridges connecting traditional finance and digital liquidity. The key point of this statement is— it elevates stablecoins from risk assets to a status of financial infrastructure.

Why is this shift important

This means BlackRock no longer considers crypto assets as alternative investments or speculative tools but recognizes their systemic value in cross-border payments, settlements, and other areas. Especially in regions where traditional systems are slow, expensive, or fragmented, stablecoins have begun to assume the role of financial infrastructure.

Behind this cognitive upgrade is the practical validation of stablecoins’ growth from a few hundred billion dollars to over $300 billion in market cap over the past two years. According to relevant information, the market cap of RWA (Real-World Assets) excluding stablecoins has surpassed $20 billion, with tokenized US Treasuries exceeding $8.87 billion. BlackRock’s BUILD fund has become a benchmark product in this field.

Three Major Investment Themes: How AI is Reshaping Macroeconomics

Another core focus of BlackRock’s report is the profound impact of AI infrastructure investments on macroeconomics. The report proposes three major investment themes:

New logic: Micro drives macro

BlackRock emphasizes that since AI development is concentrated among a few tech giants, the capital expenditure of these companies has grown large enough to influence the overall macroeconomy. The contribution to investment is three times the historical average, enough to support US economic growth through 2026, even if the labor market cools, maintaining resilience.

However, there is a concern—whether the returns on these massive investments can match the scale of spending, and how much profit will flow back to tech giants, remains uncertain. The report suggests AI could accelerate innovation, but over the past 150 years, major technological revolutions have not broken the US’s long-term 2% growth trend. Yet, the scenario of a “growth explosion” is now conceivable.

Institutional Actions Confirm the Report’s Logic

BlackRock’s strategic shift is reflected not only in its statements but also in actual actions. According to relevant information, the net inflow into BlackRock’s Bitcoin spot ETF (IBIT) has reached $62.41 billion, and the BUILD fund exceeds $2 billion in scale.

Meanwhile, other traditional financial institutions are also following suit. Wells Fargo has invested $383 million in Bitcoin, and JPMorgan has launched the MONY stablecoin. These developments indicate that what was once considered “alternative assets” is now becoming standard for institutions.

Deeper logic behind institutional entry

From a yield perspective, Ethereum staking offers an annualized return of around 4%, surpassing traditional dollar-based savings. From a liquidity standpoint, ETFs and institutional holdings account for 7.85% of ETH circulating supply, creating a scarcity premium.

Most importantly, regulatory support— the Federal Reserve has revoked prior approval requirements for banks’ crypto activities— clears the last institutional hurdle for traditional banks to enter the space.

Future Role of Stablecoins: From Tools to Infrastructure

BlackRock positions stablecoins as the “digital dollar track,” implying they are becoming a key channel for global liquidity flow. The practical significance of this shift includes:

• Cross-border payments: transitioning from the traditional SWIFT system to direct settlement based on stablecoins
• On-chain settlement: transaction settlement efficiency in DeFi ecosystems far exceeds traditional finance
• Asset tokenization: liquidity support for RWA markets, with stablecoins serving as the foundational trading pairs
• Emerging markets: providing reliable value carriers in regions with underdeveloped traditional financial systems

BlackRock’s statement that “it is overlapping with traditional finance” suggests stablecoins are no longer isolated crypto assets but are gradually integrating into the core infrastructure of the global financial system.

Summary

The significance of BlackRock’s 2026 Outlook report can be summarized in three levels:

Strategic recognition: The world’s largest asset manager officially positions digital assets as financial infrastructure, marking a milestone in the development of crypto assets.

Macroeconomic logic: The scale of AI infrastructure investments is sufficient to reshape macroeconomics, and this micro-level concentration is becoming the most important investment theme by 2026.

Practical actions: From the $62.5 billion net inflow into IBIT to Wells Fargo’s direct market entry, institutional strategic shifts are translating from reports into real capital allocations.

For crypto assets, this is not a guarantee of price appreciation but an upgrade in cognitive framework— from “speculative assets” to “financial infrastructure.” This transition signifies that the industry is moving from the fringe toward mainstream acceptance.