BlackRock Dominates Tokenized Treasuries with Stablecoin Reserve Funds
BlackRock has expanded its presence in the tokenized Treasury market by launching two new money market funds, BSTBL and BRSRV. The funds are designed to serve as reserves for stablecoins, meeting the requirements of the GENIUS Act, which came into force in July 2025.
Both funds target eligible reserve status under the GENIUS Act and offer institutional investors a new way to manage their digital dollars. BSTBL is built on Ethereum and reuses an existing share class of the Select Treasury Based Liquidity Fund, while BRSRV spans multiple blockchains and automatically reinvests its dividends every day.
The move extends BlackRock's dominance in tokenized Treasuries, which already has over $2.6 billion in assets through its BUIDL fund. The arrival of BSTBL and BRSRV strengthens the group's position as a central pivot for bond tokenization, with potential implications for stablecoin infrastructure and the digital dollar market.