BlackRock, the world’s largest asset manager, has introduced two tokenized money market funds aimed at serving as reserve assets for payment stablecoin issuers. The initiative brings additional regulated financial products onto blockchain platforms, further integrating traditional finance with digital asset infrastructure.
New fund products targeting stablecoin issuers
The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), represents a new tokenized share class for BlackRock’s existing Select Treasury Based Liquidity Fund. This offering operates on the Ethereum blockchain and allows eligible investors to transfer tokenized fund shares between designated approved wallets. The underlying fund maintains investments in cash, short-term US Treasurys, and Treasury-backed overnight repurchase agreements.
BlackRock stated that BSTBL enables institutional investors to access on-chain versions of traditional money market fund shares, opening more options for digital asset-backed treasury management.
The second product, named BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly established tokenized money market fund tailored for institutional clients. Unlike BSTBL, BRSRV supports multiple blockchain networks, providing broader compatibility for users who operate across different platforms. The fund is structured to automatically reinvest daily dividends, and it is designed for use cases in digital asset markets, including stablecoin reserve management.
Mini dictionary: Stablecoin reserve assets, also known as “reserve backing,” refer to the portfolio of cash, government securities, or short-term assets maintained by stablecoin issuers to ensure their tokens can be redeemed for fiat currency or maintain price stability.
Compliance with new US stablecoin regulation
Both BSTBL and BRSRV are structured to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act. The GENIUS Act, a federal stablecoin law passed in July 2025, introduced new regulatory standards for stablecoin reserve management and transparency requirements for issuers that payout in US dollars.
The asset manager reported that these funds are built to align with compliance expectations in the evolving US regulatory landscape, positioning them as reserve products for stablecoin companies seeking to meet federal criteria.
BlackRock expands its position in tokenized Treasurys
With the launch of BSTBL and BRSRV, BlackRock further enhances its role in the growing market for tokenized Treasury products. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which tokenizes short-term US Treasury exposure, is already the largest tokenized Treasury fund, holding more than $2.6 billion in assets as confirmed by industry sources.
By expanding its tokenized product suite for institutional investors, BlackRock aims to capture demand from fintech companies and stablecoin issuers looking for transparent, regulated, and blockchain-integrated reserve assets.
| Product | Type | Primary Blockchain | Main Target Users | Daily Dividend Reinvestment | Reserve Asset Qualification (GENIUS Act) |
|---|---|---|---|---|---|
| BSTBL | Tokenized share class of existing fund | Ethereum | Institutional investors | No | Yes |
| BRSRV | New tokenized money market fund | Multiple blockchains | Institutional investors (stablecoin issuers) | Yes | Yes |
