USDBlackRock Launches Two Tokenized Funds for Stablecoin Reserves
New products link regulated money-market assets with blockchain-based institutional cash management
TL;DR
- BlackRock launched BSTBL and BRSRV on August 3, 2026, targeting stablecoin issuers and other institutional investors.
- BSTBL adds an Ethereum-based share class to an existing fund, while BRSRV is a new multi-chain vehicle.
- Both funds aim to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act.
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BlackRock launched two blockchain-based money-market offerings on August 3, 2026, expanding its tokenized cash-management platform with products intended for institutional investors, corporations, financial institutions and digital-asset market participants. The OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund, or BSTBL, and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, are designed to combine regulated money-market fund structures with blockchain-based transfer and distribution features.
Both products are expected to invest primarily in cash, short-term U.S. Treasury securities and overnight repurchase agreements collateralized by U.S. Treasuries. BlackRock said both funds intend to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act, positioning them as potential cash-management tools for companies that issue regulated stablecoins.
BlackRock filed documents for the products with the U.S. Securities and Exchange Commission in May 2026. The offerings use two different structures: BSTBL introduces a tokenized share class for an existing money-market fund, while BRSRV is a newly established vehicle created for digitally native institutional investors and digital-asset use cases.
BSTBL Adds Ethereum-Based Shares to Existing Fund
BSTBL’s onchain shares are issued on the Ethereum blockchain. Approved investors can transfer the shares between approved blockchain wallets, subject to securities laws, investor-eligibility requirements and other regulatory restrictions. The structure adds blockchain-based portability to a regulated fund interest without making the shares unrestricted or permissionless digital tokens.
BNY Mellon serves as BSTBL’s transfer agent and tokenization provider, performing the same functions it provides for BlackRock’s BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL. The appointment extends an established operating model rather than creating an entirely new service arrangement for the Ethereum-based share class.
BRSRV uses a different design. The fund includes daily dividend reinvestment and is intended to be available across multiple blockchains. Securitize serves as BRSRV’s transfer agent and tokenization provider, according to information added in an update published at 14:45 UTC on August 3.
Jon Steel, Global Head of Product and Platform for BlackRock’s Cash Management business, said cash remains “a foundational building block for investors, corporations, and financial institutions.”
“As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets,” Steel said.
The two products provide separate routes into tokenized cash management. BSTBL adds blockchain functionality to an established fund, while BRSRV was created around digital distribution, daily reinvestment and multi-chain institutional access.
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BlackRock Targets Stablecoin Reserve Mandates
BlackRock has presented the products as part of a broader effort to manage assets backing regulated stablecoins. Martin Small, BlackRock Chief Financial Officer, said during the company’s second-quarter 2026 earnings call that the firm wants to become the industry’s preferred reserve manager.
“We already manage $60 billion of reserves for Circle, representing about a quarter of the $300 billion stablecoin market. We see lots of growth ahead in stablecoin and we want to be the reserve manager of choice,” Small said.
The Circle relationship shows that BlackRock already manages a substantial stablecoin reserve portfolio before BSTBL and BRSRV begin attracting assets. The new products extend that business through regulated fund structures designed for issuers that need liquid, short-duration reserve holdings.
BlackRock’s Cash Management Group oversees nearly $1.073 trillion across cash strategies for corporations, banks, foundations, insurance companies and public-sector funds. Total U.S. money-market fund assets were reported at more than $8.4 trillion, providing a large traditional market base for blockchain-based cash-management products.
BUIDL Established BlackRock’s Tokenization Model
BlackRock and Securitize launched BUIDL in March 2024. The fund is structured to maintain a stable value of $1 per share while generating income from cash and short-duration investments. BUIDL has also been used in crypto markets as collateral for borrowing, financing and leveraged trading.
A Securitize representative said the tokenized-asset market and tokenized U.S. Treasury sector had each expanded by roughly 20 times since BUIDL’s debut. The growth figures support BlackRock’s decision to broaden its tokenized cash lineup beyond a single flagship product.
BSTBL carries forward the BNY Mellon infrastructure used for BUIDL, while BRSRV extends BlackRock’s relationship with Securitize. The launch gives BlackRock one product based on an onchain share class and another built as a new digitally native fund.
Morgan Stanley, State Street and Fidelity have also introduced tokenized funds geared toward stablecoin reserve management. The presence of several major financial institutions places stablecoin reserves within an emerging institutional asset-management category built around liquid traditional assets and blockchain-based distribution.
BlackRock CEO Larry Fink has repeatedly supported tokenization as a way to modernize financial markets. BSTBL and BRSRV expand that strategy into products tailored to regulated wallet transfers, multi-chain access and stablecoin reserve eligibility.
This article has been refined and enhanced by ChatGPT.
