BlackRock, the world's largest asset manager, has expanded its tokenized cash platform by introducing two new tokenized money market products, the firm announced on Monday. The offerings come after BlackRock filed for the new products with the U.S. Securities and Exchange Commission (SEC) in May of this year.

The first product, the BlackRock Select Treasury Based Liquidity Fund (BSTBL), is a tokenized share class on Ethereum linked to an existing BlackRock money market fund. The second, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), features daily dividend reinvestment and is accessible across multiple blockchains. Securitize serves as BRSRV's transfer agent and tokenization provider.

Both funds are designed to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act, the federal law enacted in 2025 that established the first comprehensive U.S. regulatory framework for payment stablecoins, including reserve quality and disclosure requirements.

The move deepens BlackRock's push into tokenized finance — blockchain-based representations of traditional financial assets such as funds, bonds, and equities. Proponents argue the technology can accelerate settlement, enable round-the-clock trading, and enhance transparency.

In 2024, BlackRock launched its first tokenized money-market fund, BUIDL, with Securitize (SECZ). That fund has since grown to approximately $2.5 billion in assets and is increasingly used across crypto markets as collateral for borrowing and leveraged trading. BlackRock's expansion comes as competitors including Franklin Templeton, with its BENJI tokenized fund, and other asset managers have also accelerated blockchain-based product launches targeting the same institutional and stablecoin-issuer clientele.

BlackRock Chief Financial Officer Martin Small said during the recent Q2 2026 Earnings Call that the firm aims to become the stablecoin reserve manager of choice in the industry.

"We already manage $60 billion of reserves for Circle, representing about a quarter of the $300 billion stablecoin market. We see lots of growth ahead in stablecoin and we want to be the reserve manager of choice," Small said during the call.

U.S. money market funds have grown to more than $8.4 trillion in assets. BlackRock's Cash Management Group oversees nearly $1.073 trillion in cash strategies for corporations, banks, foundations, insurance companies, and public funds.

"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," said Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business.

The announcement comes as tokenization gains momentum on Wall Street, with BlackRock CEO Larry Fink repeatedly championing the technology as a means to modernize financial markets. The tokenized real-world asset market has grown more than 200% over the past year to over $30 billion, according to rwa.xyz, while Citi projects tokenized securities could reach $5.5 trillion by 2030.

Source: CoinDesk