BlackRock launched two tokenized money market funds for stablecoin issuers and institutions. BSTBL and BRSRV invest in Treasuries and repos, aiming to qualify as reserve assets under the GENIUS Act.
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BlackRock rolled out two tokenized money market funds Wednesday, both designed to let stablecoin issuers and institutional investors hold cash-like reserves on public blockchains.
One is the Onchain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a tokenized share class of an existing money market fund. The other is a brand-new vehicle, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), built for digitally native institutions and offering daily dividend reinvestment across multiple blockchain networks.
Both funds invest in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. That structure is intended to qualify as eligible reserve assets for permitted stablecoin issuers under the GENIUS Act, the stablecoin legislation now advancing through Congress. BlackRock cautioned that parts of the law remain open to regulatory interpretation.
“Cash remains a foundational building block for investors, corporations, and financial institutions,” said Jon Steel, BlackRock’s global head of cash-management product and platform. “These funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets.”
BSTBL is issued on Ethereum and can move between approved investor wallets, subject to applicable laws. BNY acts as its transfer agent and tokenization provider, maintaining legally recognized fund records on public blockchains while connecting them with traditional financial systems. BRSRV uses Securitize as its transfer agent and tokenization provider. BlackRock said BRSRV could support several digital asset activities, including the management of reserves backing payment stablecoins.
The launch comes as BlackRock’s Cash Management Group oversees nearly $1.073 trillion for corporations, banks, insurers, foundations and public institutions. The firm is applying tokenization to cash management itself, rather than treating it as a standalone experiment. BNY Mellon is also launching a digital transfer agency to record fund transactions and investor ownership onchain, a sign that the infrastructure layer is expanding alongside the products.
For more on how tokenized real-world assets are gaining traction, see Securitize Gains SEC Adviser Status as Shares Drop 10%.
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