BlackRock Launches Two Tokenised Money Market Products
BlackRock has launched OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). The asset manager initially filed registration statements for the products with the US Securities and Exchange Commission in May 2026.
Both products combine regulated money market fund structures with blockchain-based ownership records. However, their underlying portfolios remain invested in traditional short-term financial instruments rather than cryptocurrencies.
BSTBL Introduces an Ethereum-Based Share Class
BSTBL OnChain Shares represent a tokenised share class of the existing BlackRock Select Treasury Based Liquidity Fund. The tokens are issued on Ethereum using the ERC-20 standard, while transfers are restricted to blockchain wallets that have been verified and approved by the fund’s transfer agent.
The fund invests its assets in cash, short-term US Treasury securities with maturities of no more than 93 days and overnight repurchase agreements backed by Treasury instruments. It does not invest in Bitcoin, Ether or other digital assets.
BNY Mellon Investment Servicing serves as the transfer agent for BSTBL OnChain Shares and maintains the official ownership records. Although transaction information is recorded on Ethereum, the system remains permissioned and includes wallet whitelisting and transfer restrictions.
BRSRV Targets Stablecoin Reserve Management
The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle is a newly created government money market fund designed specifically for digital-asset companies and institutional investors operating through blockchain infrastructure.
BRSRV automatically reinvests daily dividends and uses a permissioned system connected to multiple public blockchains. Securitize acts as the fund’s transfer agent and tokenisation infrastructure provider.
Like BSTBL, the fund invests in cash, short-term US Treasury obligations and overnight repurchase agreements secured by Treasury assets. BlackRock states that BRSRV will not invest in cryptocurrencies or other digital assets.
The launch further expands BlackRock’s relationship with Securitize, which also provides the infrastructure behind the BUIDL tokenised fund. FORECK.INFO previously examined the companies’ partnership in an article about Securitize’s planned NYSE listing through a $400 million SPAC transaction.
Funds Aim to Meet GENIUS Act Requirements
BlackRock intends to operate the on-chain shares so that they may qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.
However, eligibility is not automatic. Federal agencies are still developing the regulations that will determine how the law’s reserve, custody and operational requirements are applied. BlackRock’s SEC filings warn that future interpretations or regulatory changes may require the funds to adjust their portfolios or blockchain-based operating procedures.
The distinction is important because the final GENIUS Act implementation rules remain unfinished. FORECK.INFO previously reported that US regulators missed the statutory deadline for completing the stablecoin framework.
BlackRock Expands Its Tokenisation Strategy
BlackRock entered the public-blockchain fund market in 2024 with the launch of the BlackRock USD Institutional Digital Liquidity Fund, commonly known as BUIDL. The product helped establish tokenised Treasury and money market funds as a significant part of the institutional digital-asset market.
BSTBL and BRSRV extend that strategy beyond a single tokenised investment product. The new structures are designed to provide stablecoin issuers and other institutions with access to regulated cash-management products through blockchain-based systems.
The products also demonstrate that tokenisation does not necessarily mean investing in cryptocurrencies. Blockchain technology is used to record and transfer fund shares, while the underlying assets remain cash, US government securities and Treasury-backed repurchase agreements.
What the Launch Means for the Stablecoin Market
BlackRock is positioning itself not only as a provider of tokenised investment products but also as a potential manager of the assets backing regulated stablecoins.
For stablecoin issuers, tokenised money market funds could provide a more direct connection between blockchain-based payment systems and traditional reserve assets. They may also simplify subscriptions, redemptions and the movement of fund shares between approved institutional wallets.
Nevertheless, the products remain regulated investment funds rather than freely tradable crypto tokens. Access is restricted, wallet addresses must be verified and the funds are subject to money market regulations, transfer controls and the final rules adopted under the GENIUS Act.
