BlackRock Launches Two Tokenised Money Market Funds Targeting Stablecoin Reserves
Key points
- BlackRock launched two tokenised money market products on 3 August 2026: BSTBL, a tokenised Ethereum share class of an existing money market fund, and BRSRV, a new multi-chain fund with daily dividend reinvestment.
- Both funds are explicitly structured to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act.
- Securitize serves as BRSRV's transfer agent and tokenisation provider, extending its existing role on BlackRock's BUIDL fund, which has grown to approximately $2.5 billion in assets.
- BlackRock CFO Martin Small stated during the Q2 2026 earnings call that the firm already manages $60 billion in reserves for Circle, roughly a quarter of the $300 billion stablecoin market, and intends to be the stablecoin reserve manager of choice.
- The tokenised real-world asset market has grown more than 200% over the past year to over $30 billion, with Citi projecting tokenised securities could reach $5.5 trillion by 2030.
BlackRock has launched two new tokenised money market products designed to sit at the intersection of traditional cash management and the emerging stablecoin reserve market. The first, the BlackRock Select Treasury Based Liquidity Fund (BSTBL), offers on-chain shares of an existing BlackRock money market fund via a tokenised share class on Ethereum. The second, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is an entirely new fund featuring daily dividend reinvestment and multi-chain access, with Securitize acting as its transfer agent and tokenisation provider. Both products were filed with the U.S. Securities and Exchange Commission (SEC) in May 2026.
The central strategic objective is explicit: both funds are structured to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act. This positions BlackRock directly inside the reserve infrastructure that stablecoin issuers will need as the GENIUS Act framework takes effect. The firm already manages roughly $60 billion in reserves for Circle, representing approximately a quarter of a stablecoin market BlackRock’s chief financial officer Martin Small characterised as $300 billion in total during the Q2 2026 earnings call, where he stated the ambition to become the stablecoin reserve manager of choice.
The new offerings build on BlackRock’s BUIDL fund, launched in 2024 with Securitize, which has grown to approximately $2.5 billion in assets and is used as collateral in crypto borrowing and leveraged trading. BlackRock’s Cash Management Group oversees nearly $1.073 trillion in cash strategies, and the broader U.S. money market fund sector has reached more than $8.4 trillion. The tokenised real-world asset market has grown more than 200% over the past year to over $30 billion, according to rwa.xyz, with Citi projecting tokenised securities could reach $5.5 trillion by 2030.
For operators watching the stablecoin reserve supply chain, the launch signals that the largest asset manager is moving from pilot to systematic product line in tokenised cash, with GENIUS Act compliance baked in from inception rather than retrofitted. The Securitize relationship deepening across both BUIDL and now BRSRV also concentrates tokenisation infrastructure in a single provider at scale, a dependency worth monitoring as the sector grows.
More on the wire
- Citi Plans Bitcoin Custody Service for Institutional Clients Later This Year
- Citi Plans Crypto Custody Launch This Year, Starting With Bitcoin
- U.S. Accounting Standards Group Proposes Stablecoins as Cash Equivalents
- US Treasury Proposes GENIUS Act Rules Defining Payment Stablecoin Issuance Jurisdiction