BlackRock introduced two new tokenized money market funds, BSTBL and BRSRV, expanding its push into blockchain-based cash products for stablecoin issuers. Both funds aim to qualify as eligible reserve assets under the GENIUS Act, building on the roughly $2.5 billion tokenized fund BUIDL. The launches come as the tokenized real-world asset market keeps expanding across Wall Street.
BlackRock rolled out two new tokenized money market funds on Monday, including a share class issued directly on Ethereum, deepening the asset manager's push into blockchain-based cash products for stablecoin issuers and crypto-native investors.
Two funds target stablecoin reserves
The BlackRock Select Treasury Based Liquidity Fund, or BSTBL, is a tokenized share class on Ethereum for an existing BlackRock money market fund. The new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, is a separate vehicle offering daily dividend reinvestment and access across multiple blockchains. Both funds intend to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act, BlackRock said, with Securitize serving as BRSRV's transfer agent and tokenization provider.
BSTBL draws on BlackRock's existing Select Treasury Based Liquidity Fund, which manages approximately $6.1 to $7 billion in cash and short-term U.S. Treasury investments, according to Crypto Briefing. Its new ERC-20 share class carries fees of 0.27% after waivers, with BNY Mellon serving as transfer agent. Both funds are structured under the Investment Company Act of 1940, the same framework governing traditional mutual funds — a classification that lets them distribute daily yield payments directly to on-chain wallets, something stablecoins themselves cannot legally do.
BUIDL laid the groundwork
BlackRock launched BUIDL, its first tokenization money-market fund, in March 2024, according to Crypto Briefing. The fund launched with Securitize and has since grown to roughly $2.5 billion in assets, increasingly used across crypto markets as collateral for borrowing and leveraged trading, CoinDesk reported.
During the company's Q2 2026 earnings call, Chief Financial Officer Martin Small addressed the stablecoin opportunity. According to CoinDesk, Small said: "We already manage $60 billion of reserves for Circle", representing about a quarter of the $300 billion stablecoin market.
Tokenization market keeps expanding
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, insurers and public funds.
BlackRock Chief Executive Larry Fink has repeatedly championed tokenization as a way 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. Citi projects tokenized securities could reach $5.5 trillion by 2030, CoinDesk reported.
Franklin Templeton, WisdomTree and other traditional finance firms have their own tokenization initiatives underway, and both BRSRV and BSTBL still need full SEC approval before launching.
Sources: CoinDesk, Crypto Briefing
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