BlackRock Enters Tokenized Money Market Funds Amid Stablecoin Growth
BlackRock has expanded its presence in the blockchain-based cash market by launching two tokenized money market funds. The move comes after the company's BUIDL fund, launched in March 2024, grew to $2.5 billion in assets.
The BlackRock Select Treasury Based Liquidity Fund (BSTBL) now has a tokenized share class on Ethereum, with BNY Mellon as transfer agent and tokenization provider. The second vehicle, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), aims to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.
Analysts say the Senate floor vote on the CLARITY Act is still pending, with prediction markets giving it only about a 30% chance of passing this year. BlackRock's move into tokenized money market funds deepens its push into blockchain-based cash products for stablecoin issuers and crypto-native investors.
'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.