BlackRock Expands Tokenized Product Line with GENIUS Act-Compliant Funds

BlackRock has expanded its lineup of tokenized products by launching two new funds that qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act.

The BlackRock Select Treasury Based Liquidity Fund (BSTBL) is a tokenized share class issued on Ethereum, while the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) is a newly created fund built for multi-blockchain access and daily dividend reinvestment.

Both funds invest in cash, short-term U.S. Treasuries, and Treasury-backed overnight repurchase agreements, with the goal of providing liquidity to investors and corporations. The launch gives BlackRock three tokenized products in this category.

The growth of tokenized U.S. Treasuries has been significant since the March 2024 launch of BUIDL, which holds roughly $2.5 billion in assets. Tokenized U.S. Treasuries have grown from $721 million to more than $16 billion, a roughly 20-fold expansion.

BlackRock is not alone in targeting reserve mandates, with Goldman Sachs and BNY launching GENIUS Act-aligned reserve funds earlier this year, and State Street following in June, partnering with Anchorage Digital. Fidelity entered the market days later, and Invesco filed for its own onchain reserve fund in late June.

State Street estimates that the addressable market, currently around $320 billion in circulating stablecoins, could reach $1.9 trillion to $4 trillion by 2030, depending partly on legislation still stuck in Congress.