BlackRock Launches Tokenized Money Market Funds on Multiple Blockchains
BlackRock has launched two tokenized money market funds on various blockchains and Ethereum. The BSTBL OnChain Shares (DOLXX) and BRSRV OnChain Shares (RSVXX) allow institutional investors to access regulated money market strategies with blockchain-enabled features.
The funds do not invest in digital assets or tokens, instead holding traditional cash instruments such as short-term US Treasury securities and Treasury-backed overnight repurchase agreements. Blockchain technology is used solely for ownership records and transfer infrastructure.
'US money market funds have grown to more than $8.4 trillion in assets,' stated Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business. 'These funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets.'