BlackRock Enters Solana with Tokenized Money Market Fund for Stablecoins

BlackRock has expanded its tokenized investment products to include the Solana blockchain, launching the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) alongside tokenized on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund (BSTBL).

The new fund is designed for stablecoin reserves and will provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets, according to Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business.

The BRSRV invests entirely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries, with a $3 million minimum initial investment. The fund does not invest in cryptocurrencies and is structured to qualify as an eligible reserve asset under the GENIUS Act.

BlackRock joins Morgan Stanley and Fidelity in introducing products aimed at stablecoin reserve management following the passage of the GENIUS Act. The launch builds on BlackRock's broader tokenization strategy, which includes the BUIDL tokenized money market fund launched in March 2024 with over $2.6 billion in assets.