Key Points:
- BlackRock has launched two tokenized money market funds designed to serve as reserve assets for stablecoins under the GENIUS Act.
- The new products, BSTBL and BRSRV, bring regulated money market investments onto blockchain infrastructure.
- BSTBL is built on Ethereum, while BRSRV supports multiple blockchains and is tailored for institutional digital asset applications.
- The launch expands BlackRock’s leadership in the tokenized Treasury market, where its BUIDL fund already manages more than $2.6 billion in assets.
BlackRock Expands Tokenized Finance Offerings
BlackRock, the world’s largest asset manager, has introduced two new blockchain-based money market funds designed to support the growing stablecoin ecosystem.
The products are structured to qualify as reserve assets for US payment stablecoin issuers under the GENIUS Act, the federal stablecoin legislation enacted in July 2025.
The launch represents another significant step in the convergence of traditional finance and blockchain technology, allowing institutional investors to access regulated money market products through tokenized infrastructure.
Ethereum-Based Treasury Fund Goes Onchain
The first product, the BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of BlackRock’s existing Treasury liquidity fund.
Built on the Ethereum blockchain, BSTBL allows eligible investors to transfer tokenized fund shares between approved blockchain wallets while maintaining exposure to a portfolio consisting of cash, short-term US Treasury securities and Treasury-backed overnight repurchase agreements.
BNY serves as both the transfer agent and tokenization provider for the fund’s onchain shares.
The structure combines blockchain settlement capabilities with the stability and regulatory framework of a traditional money market fund.
New Institutional Stablecoin Reserve Fund
BlackRock also introduced the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a newly created tokenized money market fund designed specifically for institutional investors.
Unlike BSTBL, BRSRV supports multiple blockchain networks and automatically reinvests daily dividend distributions.
The fund is intended for digital asset use cases, including serving as reserve assets backing regulated stablecoins.
Securitize acts as the transfer agent and tokenization provider for BRSRV, facilitating blockchain-based ownership and settlement.
Designed for the GENIUS Act Framework
BlackRock said both funds have been structured to meet the reserve asset requirements established under the GENIUS Act, which introduced a federal regulatory framework for payment stablecoins in the United States.
The legislation requires eligible stablecoin issuers to maintain high-quality liquid reserve assets, including cash and short-term US government securities.
By offering tokenized money market funds that satisfy these requirements, BlackRock is positioning its products to become part of the infrastructure supporting the next generation of regulated stablecoins.
Strengthening Leadership in Tokenized Treasurys
The launch further expands BlackRock’s presence in the rapidly growing tokenized Treasury market.
Its USD Institutional Digital Liquidity Fund (BUIDL) remains the industry’s largest tokenized Treasury fund, managing more than $2.6 billion in assets.
Tokenized Treasury products have attracted increasing institutional interest by combining the stability of government securities with the efficiency, transparency and programmability of blockchain technology.
As more financial institutions adopt tokenization, demand for regulated onchain investment products continues to grow.
Outlook
BlackRock’s latest tokenized money market funds highlight the accelerating integration of blockchain technology into traditional financial markets. By creating products specifically designed to satisfy stablecoin reserve requirements under the GENIUS Act, BlackRock is strengthening its position in digital finance while supporting the development of regulated blockchain-based payment systems. The launch also reinforces the growing role of tokenized Treasury assets as foundational infrastructure for institutional cryptocurrency markets.
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