BlackRock Tokenizes Money Market Funds for Stablecoin Reserves
BlackRock introduces two tokenized money market funds to serve as eligible reserve assets for U.S. payment stablecoins under the new GENIUS Act.
The update
BlackRock has introduced two new tokenized money market funds designed to serve as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act. The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of an existing money market fund on Ethereum. The second, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created fund available to institutional investors that supports multiple blockchains and automatically reinvests daily dividends.
Why it matters
This move directly addresses a key requirement of the GENIUS Act: stablecoins must hold reserves in specific, regulated assets. By offering tokenized versions of traditional money market funds, BlackRock is creating a bridge between regulated finance and the crypto sector. This could provide stablecoin issuers with a compliant way to back their tokens while maintaining the benefits of blockchain infrastructure.
What to watch
Stablecoin issuers will likely evaluate these funds as potential reserve options. The success of these products will depend on their liquidity, redemption mechanics, and how regulators interpret the new tokenized fund structures. The broader market may see other asset managers follow BlackRock’s lead as the tokenized finance sector matures.
Sources
- cointelegraph.com — Fund details (BSTBL, BRSRV) and eligibility under GENIUS Act
- coindesk.com — Context on prior tokenized funds (BUIDL) and CFO statement on reserves