BlackRock Launches Two Tokenised Funds to Support Stablecoin Reserves

Global asset management giant BlackRock has unveiled two new tokenised money market products designed to serve as reserve assets for stablecoins, marking another major step in integrating traditional finance with blockchain technology. The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), tokenises an existing treasury liquidity fund on the Ethereum blockchain, allowing eligible institutional investors to transfer tokenised fund shares between approved digital wallets. The second offering, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenised money market fund specifically designed for institutional stablecoin reserve management across multiple blockchain networks.

Both funds invest in cash, short-term US Treasury securities, and overnight repurchase agreements backed by US Treasuries, aiming to provide liquidity, preserve capital, and generate stable returns. According to BlackRock, these products are designed to qualify as reserve assets under the proposed GENIUS Act governing US payment stablecoins. The launch further strengthens BlackRock's presence in the tokenised treasury market, where its BUIDL fund already manages more than $2.6 billion in assets. The move follows similar initiatives by JPMorgan and Morgan Stanley, which have also introduced blockchain-based money market products for institutional stablecoin issuers.