BlackRock Launches Two Stablecoin Funds in Response to GENIUS Act
BlackRock has launched two new funds designed to comply with the GENIUS Act, a federal framework for stablecoins in the US. The BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) are built specifically to serve as compliant stablecoin reserves.
BSTBL is a tokenized version of an existing BlackRock money market fund, which has $7 billion in assets on the Ethereum blockchain. The new fund allows eligible investors to transfer shares between approved wallets on Ethereum. BRSRV, on the other hand, is designed for crypto-native institutional investors and offers daily reinvestment of dividends.
The funds are a response to BlackRock's CFO Martin Small saying during the company's Q2 2026 earnings call that they see 'lots of growth ahead in stablecoin' and want to be the reserve manager of choice. The GENIUS Act requires reserves to include U.S. Treasury securities and overnight repurchase agreements, which are eligible under the framework.
BlackRock is positioning itself as a key player in the stablecoin market, with assets currently sitting at around $300 billion. The company's Cash Management Group manages approximately $1.073 trillion in global liquidity assets, and BlackRock sees an opportunity to tap into this market.