BlackRock launched two tokenized money market products that can serve as eligible reserve assets for stablecoins. The new offerings addressed growing demand for regulated digital finance instruments and targeted institutional participants in the digital asset market.
BlackRock announced the launch of OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL), as well as the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a new tokenized money market fund. Both products invest in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasury securities. Their investment strategy is intended to qualify them as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act.
The two products serve different purposes:
- BSTBL is a tokenized share class of an existing BlackRock money market fund on the Ethereum blockchain. The OnChain Shares can be transferred between approved investor wallets. BNY serves as transfer agent and tokenization provider.
- BRSRV is a new tokenized money market fund designed for digitally native institutional investors. It supports daily dividend reinvestment, offers multi-blockchain accessibility, and can be used for a range of digital asset use cases, including stablecoin reserve management. Securitize serves as transfer agent and tokenization provider.
BlackRock said demand continues to grow for high-quality reserve assets supporting stablecoins and other tokenized financial products. According to the company, assets in U.S. money market funds have grown to more than $8.4 trillion as investors continue to prioritize liquidity, capital preservation, and yield.
Jon Steel, Global Head of Product and Platform for BlackRock Cash Management, said the new products will give clients additional ways to access and use money market fund solutions across traditional finance and digital assets. BlackRock also said its Cash Management business oversees about $1.073 trillion in cash strategies.
The market already includes frxUSD, a stablecoin fully backed by shares of BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). In June 2026, BUIDL holders also gained expanded stablecoin functionality through the Aladdin platform.
