BlackRock, the world's largest asset manager, has introduced two tokenized money market products intended to serve as reserve assets for stablecoins, advancing the firm's push to bring regulated financial instruments onto blockchain infrastructure.

The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), represents a tokenized share class of BlackRock's existing Select Treasury Based Liquidity Fund, deployed on the Ethereum network. Eligible investors can transfer tokenized fund shares between approved wallets while the underlying fund invests in cash, short-term US Treasurys, and Treasury-backed overnight repurchase agreements. BNY serves as both the transfer agent and the tokenization provider for the fund's onchain shares.

The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly established tokenized money market fund open to institutional investors. The fund supports multiple blockchains, automatically reinvests daily dividends, and is purpose-built for digital asset applications, including stablecoin reserve management. Securitize acts as BRSRV's transfer agent and tokenization provider.

BlackRock stated that both funds are structured to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act, the federal stablecoin legislation enacted in July 2025. The GENIUS Act established a regulatory framework for payment stablecoins in the United States, setting requirements for issuer reserves, disclosures, and oversight. Under the law, stablecoin issuers must back their tokens with qualifying assets such as US dollars, short-term Treasurys, or central bank deposits, creating demand for compliant, yield-bearing reserve instruments that can settle on the same blockchain infrastructure stablecoins operate on.

The launch broadens BlackRock's presence in the tokenized Treasury market. The firm's USD Institutional Digital Liquidity Fund (BUIDL), launched in March 2024 on Ethereum in partnership with Securitize, remains the largest tokenized Treasury fund by assets under management, holding more than $2.6 billion according to industry data. Other major asset managers, including Franklin Templeton and Fidelity, have also entered the tokenized money market space, signaling broader institutional adoption of blockchain-based fund distribution.

Tokenized money market funds have grown rapidly as traditional asset managers seek to offer blockchain-native versions of low-volatility investment products. For stablecoin issuers managing tens of billions in reserves, tokenized Treasury funds offer a way to earn yield on holdings while maintaining on-chain transferability and regulatory compliance. BlackRock CEO Larry Fink has previously emphasized tokenization as a major trend in capital markets, describing it as a way to improve efficiency and transparency in financial transactions.

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