BlackRock, the world’s largest asset manager, has launched two tokenized money market products designed to serve as reserve assets for stablecoins, marking another step in bringing regulated financial products onto blockchain infrastructure.
The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of the asset manager’s existing Select Treasury Based Liquidity Fund on Ethereum. Eligible investors can transfer tokenized fund shares between approved wallets while the fund continues investing in cash, short-term US Treasurys and Treasury-backed overnight repurchase agreements.
The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenized money market fund available to institutional investors. The fund supports multiple blockchains, automatically reinvests daily dividends and is designed for digital asset use cases, including stablecoin reserve management.
BlackRock said both funds are structured to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act, the federal stablecoin law enacted in July 2025.
The launch expands BlackRock’s footprint in the tokenized Treasury market, where its USD Institutional Digital Liquidity Fund (BUIDL) remains the largest tokenized Treasury fund with more than $2.6 billion in assets, according to industry data.