BlackRock Enters Stablecoin Reserve Market with Two New Tokenized Funds
BlackRock has expanded its presence in the tokenized Treasury market by launching two new products designed for stablecoin reserves. The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of an existing fund on Ethereum. Eligible investors can transfer tokenized shares between approved wallets while the underlying fund invests in cash and short-term US Treasurys.
The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a new money market fund available to institutional investors. This fund supports multiple blockchains, automatically reinvests daily dividends, and is designed for digital asset use cases such as stablecoin reserve management.
BlackRock stated that both funds are structured to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act, enacted in July 2025. This launch marks an expansion of BlackRock's footprint 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.