BlackRock Enters Stablecoin Game with Tokenized Funds and Reserve Vehicle
BlackRock has launched two tokenized money market funds, expanding its presence in blockchain-based cash products for stablecoin issuers and crypto-native investors. The company's BlackRock Select Treasury Based Liquidity Fund (BSTBL) now has a tokenized share class issued on Ethereum, with BNY Mellon as transfer agent and tokenization provider.
The second vehicle, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), was launched with Securitize as transfer agent and tokenization provider. This fund aims to qualify as an eligible reserve asset for permitted US payment stablecoin issuers under the GENIUS Act.
'As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets,' said Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business.
BlackRock first disclosed the products during its second-quarter earnings call last month, when Chief Financial Officer (CFO) Martin Small mentioned that the filings were 'about bringing BlackRock's core cash management capabilities to where digital assets clients are already operating.'