BlackRock Tokenizes the Money Market, Because Even Cash Wants a Wallet

BlackRock, the world's largest asset manager, launched two tokenized money market funds designed to serve as reserve assets for stablecoin issuers, expanding its tokenized Treasury footprint onto Ethereum and Solana. The first product, 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 transfer tokenized fund shares between approved wallets while the fund continues investing in cash, short-term US Treasurys and Treasury-backed overnight repurchase agreements.

The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenized money market fund available to institutional investors. BRSRV supports multiple blockchains, automatically reinvests daily dividends and is structured for digital asset use cases, including stablecoin reserve management. Ownership is recorded on Ethereum, Solana, and Tempo, with investors holding shares through approved wallets managed by transfer agent Securitize. BlackRock filed a prospectus with the SEC on Friday confirming the multi-chain structure.

"Cash remains a foundational building block for investors, corporations, and financial institutions," Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business, said in a statement. "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."

Both funds are structured to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act, the federal stablecoin law enacted in July 2025. Wallets must be whitelisted and tied to verified identities, allowing the transfer agent to restrict transfers or, in some cases, freeze, revoke, or reissue tokenized shares. BRSRV carries a $3 million minimum initial investment. According to the prospectus, the fund does not invest in any digital assets, including cryptocurrencies, and will continue to operate under Rule 2a-7 of the 1940 Act. BlackRock also noted that future regulatory changes could affect whether stablecoin issuers can continue using the fund as a reserve asset, while blockchain outages or smart contract flaws could disrupt transactions.

The launch builds on BlackRock's existing tokenized money market fund, BUIDL, which debuted in March 2024 and now manages more than $2.6 billion in assets. Morgan Stanley and Fidelity have also introduced products aimed at stablecoin reserve management following the passage of the GENIUS Act.