BlackRock launches two tokenized money-market funds

BlackRock introduced two tokenized cash products built on Ethereum: BSTBL, an onchain share class of its existing Select Treasury Based Liquidity Fund, and BRSRV, a Daily Reinvestment Stablecoin Reserve Vehicle with daily dividend reinvestment and access across multiple blockchains. Both invest in cash, short-term US Treasuries and Treasury-backed repurchase agreements, and are designed to qualify as reserve assets for payment stablecoin issuers under the GENIUS Act. Securitize will act as transfer agent and tokenization provider for BRSRV.

Chief financial officer Martin Small said on the company's second-quarter earnings call that BlackRock wants to be the stablecoin industry's reserve manager of choice. The firm already manages $60 billion in reserves for Circle, about a quarter of the roughly $300 billion stablecoin market, and its existing BUIDL fund, tokenized with Securitize since 2024, has grown to around $2.5 billion in assets.

Reserve management is a recurring fee on a stablecoin's entire float rather than a one-off transaction, which is a steadier business than trading the tokens themselves.