BlackRock launches tokenized funds for stablecoin reserves
BlackRock launched two tokenized money market funds-an Ethereum Treasury share class and a multi-chain daily-reinvestment reserve-structured to meet GENIUS Act reserve rules.
BlackRock has launched two tokenized money market funds intended for use as reserve assets by stablecoin issuers. One is a tokenized share class of its Select Treasury Based Liquidity Fund issued on the Ethereum blockchain. The other is a newly created multi-chain institutional reserve vehicle that reinvests dividends daily.
The Ethereum product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), represents a tokenized share class of an existing money market fund. Eligible institutional investors can transfer tokenized shares between approved wallets, while the underlying fund continues to invest in cash, short-term U.S. Treasurys and Treasury-backed overnight repurchase agreements. Portfolio and cash management remain with the underlying money market fund.
The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a tokenized money market fund designed for institutional clients and digital-asset use cases such as stablecoin reserve management. The vehicle supports multiple blockchains and automatically reinvests dividends each day to maintain on-chain liquidity while preserving exposure to traditional money market instruments.
BlackRock said both funds are structured to qualify as eligible reserve assets under the GENIUS Act, the federal law enacted in July 2025 that specifies permitted reserve assets for U.S. payment stablecoin issuers.
The launches expand the firm’s tokenized money market offerings. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) remains the largest tokenized Treasury fund, holding more than $2.6 billion in assets according to industry data.
Operationally, BSTBL lets approved investors move tokenized fund shares between approved wallets while the underlying fund manages holdings and liquidity. BRSRV’s multi-chain design and daily reinvestment feature provide institutions with options for holding reserves directly on distributed ledgers while keeping money market exposure in instruments such as short-term Treasurys, cash and overnight repos.
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