BlackRock plans to grow its digital assets business into a $500 million revenue line by 2030, executives said on the firm’s second-quarter earnings call Wednesday.

The world’s largest asset manager has managed over $110 billion in assets connected to digital assets and scaling that footprint is a core part of the firm’s 2030 growth plan, according to Chief Financial Officer Martin Small.

“We see the operating environment in digital assets becoming more and more constructive,” Small said, adding that BlackRock’s strategy remains “client led” and focused on “scaled, regulated access.”

Small said the strategy rests on three pillars, the first of which is bridging traditional and decentralized finance through BlackRock’s suite of digital asset products. These include the iShares Bitcoin Trust (IBIT), iShares Ethereum Trust (ETHA), and the BUIDL tokenized fund, which he said already lead their respective markets.

The strategy’s second pillar, according to Small, is to become the “stablecoin reserve manager of choice,” leveraging BlackRock’s existing management of roughly $60 billion in Circle reserves, or about a quarter of the global stablecoin market.

The third, which Small described as “the most exciting,” focuses on tokenizing long-term investment products, including Treasury funds, iShares ETFs, and eventually private market vehicles.

BlackRock has recently filed two SEC registration statements for tokenized money market funds.

One filing covers a tokenized share class of an existing fund on Ethereum, while the other outlines a more digitally native strategy with features including daily dividend reinvestment. Both products are designed to operate across multiple blockchains and enable fully onchain subscriptions and redemptions via stablecoins.

According to Small, tokenization is as much about expanding distribution as developing new products.

“It’s a pure organic growth opportunity for BlackRock. We have a whole scaled ecosystem of products that could, over time, be tokenized. When I think about $2+ trillion of crypto and digital wallets, when I think about another $300 billion of stablecoins all growing, these are all potential new investors with iShares,” he explained.

“They’re all potential new users of model portfolios, SMAs, and managed accounts in tokenized format. We want to build a digital wallet native asset manager,” he added.

The remarks accompanied BlackRock’s record second-quarter financial results, which showed revenue up 31% from a year earlier to $7.1 billion, operating income rising 39% to $2.9 billion, and adjusted earnings per share increasing 15% to $13.91.

The asset manager also attracted $192 billion in net inflows, boosting total assets under management to a record $15.3 trillion.