BlackRock Unveils Tokenized Money Market Funds BSTBL and BRSRV

BlackRock has launched two new tokenized money market funds on Ethereum and multiple blockchains, aiming to provide crypto users access to Treasury yields without leaving the blockchain. The funds, BSTBL and BRSRV, are structured under the Investment Company Act of 1940, allowing them to distribute daily yield payments directly to on-chain wallets.

BSTBL is an ERC-20 share class of BlackRock's existing Select Treasury Based Liquidity Fund, which manages approximately $6.1 to $7 billion in cash and short-term US Treasury investments. The new fund carries fees of 0.27% after waivers, with BNY Mellon serving as the transfer agent.

BRSRV, on the other hand, was built from scratch as a multi-chain tokenized money market vehicle. Its defining feature is that it's specifically engineered for stablecoin reserve eligibility, holding cash and short-term Treasury assets that could qualify as backing for regulated stablecoins.