BlackRock Surges on Launch of Two Tokenized Cash Funds

BlackRock's stock rose by 1.90% to $1,111.13 after the asset manager launched two tokenized money market products. The products are designed for institutional cash and stablecoin reserve management.

The company introduced OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) on Ethereum's network. This existing money market strategy is now available to approved institutional wallets, with BNY serving as transfer agent and tokenization provider.

Another product, the Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), targets digitally native institutions. It provides daily dividend reinvestment and offers access across multiple blockchain networks, with Securitize acting as transfer agent and tokenization provider.