BlackRock has launched two tokenized money market funds, some of which are focused on stablecoin reserves.
- BSTBL — a tokenized share class of BlackRock’s existing Select Treasury Based Liquidity Fund, issued on Ethereum. Shares can be transferred between wallets of approved investors; the transfer agent and tokenization provider is BNY Mellon.
- BRSRV — a new fund for “digital” institutional investors: daily dividend reinvestment, availability on multiple blockchains, and specifically designed for managing stablecoin reserves. The transfer agent is Securitize.
Both funds invest in cash, short-term U.S. Treasury bills, and overnight repurchase agreements collateralized by these assets.
BlackRock explains the launch as a response to growing demand for high-quality reserve assets for stablecoins and tokenized products—giving clients more options to access money market funds in both traditional and digital markets.
Context: BlackRock’s first tokenized fund, BUIDL (launched in March 2024 with Securitize), holds over $2.6 billion in assets. According to Securitize, during this period, the tokenized asset market has grown from roughly $2 billion to $37 billion, while tokenized U.S. Treasuries have risen from $721 million to $16 billion.
Similar funds focused on stablecoin reserves have already been launched by Morgan Stanley, State Street, and Fidelity. All of these came about roughly a year after the U.S. passed the GENIUS Act, which regulates stablecoin issuance and reserve requirements.