BlackRock is taking another huge step into the crypto space. The world’s largest asset manager has rolled out two new tokenized money market products designed to act as reserve assets for stablecoins. By bridging traditional finance with blockchain rails, BlackRock aims to bring more regulated, institutional-grade options directly on-chain.
The first product is called the BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL). Built on Ethereum, it acts as a tokenized share class of an existing BlackRock fund. BSTBL holds a mix of cash, short-term U.S. Treasuries, and Treasury-backed overnight repo agreements. Approved institutional investors can easily transfer these tokenized shares between vetted wallets, while BNY serves as both the transfer agent and tokenization provider.
The second offering, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is an entirely new tokenized money market fund built specifically for digital asset use cases. Available to institutional clients across multiple blockchains, BRSRV automatically reinvests daily dividends to streamline liquidity management. Crypto infrastructure firm Securitize is stepping in as the transfer agent and tokenization provider for this fund.
Compliant Reserves Built for the GENIUS Act
Both BSTBL and BRSRV were specifically structured to meet federal compliance standards. They qualify as eligible reserve assets for payment stablecoin issuers under the U.S. GENIUS Act—the landmark stablecoin legislation passed in July 2025. By aligning directly with this regulatory framework, BlackRock is giving stablecoin issuers a compliant, yield-bearing, on-chain destination for their backings.
Expanding BlackRock’s On-Chain Footprint
This launch solidifies BlackRock’s dominance in the rapidly growing tokenized Treasury sector. The firm already leads the market with its USD Institutional Digital Liquidity Fund (BUIDL), which holds over $2.6 billion in assets. By adding BSTBL and BRSRV to its lineup, BlackRock continues to build the bridge between traditional Wall Street liquidity and decentralized finance infrastructure.
