The world's largest asset manager, BlackRock, has expanded its tokenization platform by launching two new products designed for stablecoin reserve management: the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) and tokenized on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund (BSTBL).

Ownership of the funds is recorded on Solana, Ethereum, and Tempo, with investors holding shares through approved wallets managed by transfer agent Securitize. In a prospectus filed with the SEC on Friday, BlackRock detailed the infrastructure supporting the offering.

"The Fund issues OnChain Shares through a permissioned system that operates in connection with one or more public, permissionless blockchains, which, as of the date of this Prospectus, include Ethereum, Tempo, and Solana, and may include other supported networks in the future," BlackRock wrote.

The fund invests entirely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. BlackRock explicitly stated that the fund does not invest in cryptocurrencies.

"The Fund will continue to invest in accordance with the requirements in Rule 2a-7 under the 1940 Act and the terms of this Prospectus," BlackRock wrote. "The Fund will not invest in any digital assets, including any virtual currencies."

Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business, emphasized the strategic rationale behind the launch.

"Cash remains a foundational building block for investors, corporations, and financial institutions," Steel 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."

Participation requires wallets to be whitelisted and tied to verified identities, enabling the transfer agent to restrict transfers or, where necessary, freeze, revoke, or reissue tokenized shares. The minimum initial investment is set at $3 million, positioning the offering squarely at institutional issuers rather than retail participants.

BlackRock said the fund is structured to qualify as an eligible reserve asset under the GENIUS Act, the U.S. law governing payment stablecoins. The GENIUS Act requires stablecoin issuers to back their tokens with high-quality liquid reserves, creating demand for products like money market funds that can serve that role while generating yield. The prospectus also cautions that future regulatory changes could affect whether stablecoin issuers can continue using the fund as a reserve asset, and that blockchain outages or smart contract flaws could disrupt transactions.

The launch advances BlackRock's broader tokenization strategy. The firm introduced the BUIDL tokenized money market fund in March 2024, which now manages more than $2.6 billion in assets. BUIDL was initially issued on Ethereum before expanding to additional chains, and the new products extend that multi-chain approach to stablecoin-specific use cases.

BlackRock joins Morgan Stanley and Fidelity, both of which have introduced products targeting stablecoin reserve management following the passage of the GENIUS Act. The convergence of these firms signals that traditional asset managers view the stablecoin reserve market as a competitive institutional business line, with major issuers like Circle and Tether collectively holding tens of billions of dollars in backing assets.

Sources: BusinessWire, SEC Filing, Decrypt