BlackRock Enters Stablecoin Reserve Market with New Tokenized Funds

BlackRock has expanded its presence in the tokenized Treasury market by launching two new products: BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL) and BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV).

BSTBL is a tokenized share class of an existing fund on Ethereum, allowing eligible investors to transfer tokenized shares between approved wallets. The fund continues to invest in cash, short-term US Treasurys, and Treasury-backed overnight repurchase agreements.

BRSRV, on the other hand, is a newly created tokenized money market fund available to institutional investors. It supports multiple blockchains, automatically reinvests daily dividends, and is designed for digital asset use cases, including stablecoin reserve management.

Both funds are structured to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act, which was enacted in July 2025. This expansion builds on BlackRock's existing presence in the tokenized Treasury market, where its USD Institutional Digital Liquidity Fund (BUIDL) remains the largest tokenized Treasury fund with over $2.6 billion in assets.