- BlackRock launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) and OnChain Shares of its Select Treasury Based Liquidity Fund (BSTBL) on Monday.
- Both products invest in cash, short-term U.S. Treasuries and Treasury-backed repos and are structured to qualify as eligible reserve assets under the GENIUS Act.
- BSTBL OnChain Shares are issued on Ethereum with BNY as transfer agent; BRSRV supports multiple blockchains including Solana and Ethereum via Securitize.
- The launch builds on BlackRock’s BUIDL fund, which holds more than $2.6 billion in assets.
BlackRock, the world’s largest asset manager, expanded its tokenized cash platform on Monday with the launch of two new onchain money market products designed to serve as high-quality reserves for U.S. payment stablecoin issuers.
According to a company announcement, the firm introduced OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the newly created BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). Both funds seek current income while preserving liquidity and principal stability by investing exclusively in cash, short-term U.S. Treasury securities and overnight repurchase agreements backed by Treasuries.
The products are structured so their investment strategies intend to make them “eligible reserve assets” for permitted U.S. payment stablecoin issuers under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
BSTBL introduces a tokenized share class of an existing BlackRock money market fund on the Ethereum blockchain. Eligible investors can transfer the OnChain Shares between approved wallets, subject to applicable regulations. BNY serves as transfer agent and tokenization provider for the shares.
BRSRV is a new tokenized money market fund aimed at digitally native institutional investors. It features daily dividend reinvestment and multi-blockchain accessibility, with ownership recorded on Solana, Ethereum and Tempo according to the SEC prospectus. Securitize acts as its transfer agent and tokenization provider. The fund carries a $3 million minimum initial investment.
“Cash remains a foundational building block for investors, corporations, and financial institutions,” said Jon Steel, global head of product and platform for BlackRock’s cash management business. “As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets.”
The launch deepens BlackRock’s tokenization footprint. Its flagship BUIDL fund, launched in March 2024, now holds more than $2.6 billion in assets. Tokenized U.S. Treasuries overall have expanded roughly 20-fold since BUIDL’s debut to approximately $16 billion.
BlackRock’s Cash Management Group already oversees nearly $1.073 trillion in cash strategies, while U.S. money market funds as a whole exceed $8.4 trillion in assets. The firm has previously managed significant stablecoin reserves, including an estimated $60 billion for Circle.
