BlackRock Drops Two Tokenized Money Market Funds So Stablecoins Can Stop Wingin' It 🏦

BlackRock, the world's largest asset manager, has launched two tokenized money market products built to function as reserve assets for stablecoin issuers, extending its push of regulated financial products onto blockchain rails. The first offering, the BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of the asset manager's existing Select Treasury Based Liquidity Fund on Ethereum. Eligible investors can move tokenized fund shares between approved wallets while the underlying fund continues investing in cash, short-term US Treasurys and Treasury-backed overnight repurchase agreements.

The second product, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenized money market fund offered to institutional investors. BRSRV operates across multiple blockchains, reinvests dividends daily and is structured for digital asset use cases including stablecoin reserve management, according to BlackRock.

Both funds are designed to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act, the federal stablecoin law enacted in July 2025. The launch expands BlackRock's footprint in the tokenized Treasury market, where its USD Institutional Digital Liquidity Fund (BUIDL) remains the largest tokenized Treasury fund with more than $2.6 billion in assets, according to industry data.

The move arrives as stablecoin issuers face growing scrutiny over the composition and transparency of their reserves, with US regulators pushing for holdings rooted in liquid, regulated instruments rather than less transparent alternatives. By packaging money market exposure into onchain shares, BlackRock is positioning both products to plug directly into that demand from issuers seeking compliant backing for circulating tokens.