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BlackRock launches two new tokenized money market funds targeting stablecoin reserves
BlackRock launched two new tokenized money market funds designed to serve as eligible reserve assets for U.S. stablecoin issuers under the proposed GENIUS Act. BSTBL trades on Ethereum; BRSRV spans multiple blockchains. Both filed with the SEC in May 2026.
BlackRock unveiled two new tokenized money market products designed to qualify as eligible reserve assets for U.S. stablecoin issuers, signaling a deepening bet on institutional on-chain cash infrastructure ahead of pending federal legislation. The moves expand BlackRock's tokenized finance footprint and tighten the asset manager's grip on the stablecoin reserve market.
The new funds are the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a tokenized share class on Ethereum, and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), structured with daily dividend reinvestment and access across multiple blockchains. Both products intend to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the proposed GENIUS Act, according to CoinDesk's reporting. BlackRock filed for both funds with the U.S. Securities and Exchange Commission in May 2026. Securitize serves as BRSRV's transfer agent and tokenization provider.
The offering follows BlackRock's launch of BUIDL, its flagship tokenized money market fund, in 2024 in partnership with Securitize. BUIDL has grown to roughly $2.5 billion in assets. BlackRock's Cash Management Group oversees nearly $1.073 trillion in cash strategies across corporations, banks, foundations, insurance companies and public funds.
BlackRock manages $60 billion of reserves for Circle, representing roughly a quarter of the $300 billion stablecoin market. During the Q2 2026 earnings call, BlackRock Chief Financial Officer Martin Small stated the firm wants to be the stablecoin reserve manager of choice in the industry. Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business, said the new funds provide clients additional choice in how they access money market solutions across traditional and digital markets.
The tokenized real-world asset market has grown more than 200 percent over the past year to over $30 billion, per rwa.xyz cited in CoinDesk's reporting. Citi projects tokenized securities could reach $5.5 trillion by 2030. U.S. money market funds have grown to more than $8.4 trillion in assets.
The GENIUS Act remains proposed legislation. Neither CoinDesk nor other sources confirm its passage or current status in Congress, meaning the status of these funds as eligible reserve assets depends on a bill that may not pass or could be modified in committee. BUIDL's $2.5 billion in assets, while significant, represents a small fraction of BlackRock's $1.073 trillion cash management book, suggesting limited institutional appetite for tokenized treasury vehicles to date.
BlackRock now manages $60 billion of the $300 billion stablecoin reserve market and is positioning itself as the preferred reserve manager for the coming wave of regulated U.S. stablecoins.
Watch whether the GENIUS Act passes before September recess and whether stablecoin issuers adopt BSTBL and BRSRV as reserve assets once eligible. The premise breaks if GENIUS stalls or if institutional stablecoin reserve demand fails to materialize at scale relative to Circle's existing $60 billion in BlackRock-held reserves.
And that's the way it is.
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