BlackRock builds two tokenized money funds for stablecoin reserves
BSTBL puts an existing Treasury fund's shares on Ethereum through BNY; BRSRV is a new multi-chain vehicle with Securitize—both shaped to sit inside GENIUS Act reserve rules.
What happened
On 3 August BlackRock announced OnChain shares of its Select Treasury Based Liquidity Fund (BSTBL), issued on Ethereum with BNY as transfer agent and tokenization provider, and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a newly launched tokenized money market fund accessible across multiple blockchains with Securitize as transfer agent and tokenization provider. Both invest in cash, short-term US Treasury securities and overnight repurchase agreements backed by Treasuries. The release says the investment strategy of both funds 'intends to makes them "eligible reserve assets" for permitted U.S. payment stablecoin issuers' under the GENIUS Act, which is a design intention rather than a determination anyone has yet made. 'Cash remains a foundational building block for investors, corporations, and financial institutions,' said Jon Steel, global head of product and platform for BlackRock's cash management business.
Why it matters
Reserve management for stablecoin issuers is hardening into an asset-management product category. These funds extend BUIDL, the tokenized dollar fund BlackRock launched in March 2024, and aim at the reserve holdings of issuers the GENIUS Act licenses, while rivals shape funds for the same rules. That the transfer agency splits between Securitize for the new vehicle and BNY for the OnChain share class also shows the servicing layer of tokenized funds becoming contested ground, with an incumbent custodian bank and a tokenization specialist each taking one side of the same announcement.
What is not settled
Reported assets in BUIDL differ between the reports, The Block putting the fund at $2.6bn against CoinDesk's roughly $2.5bn, and the release itself publishes no figure, so neither number is recorded here. Fees and minimums are not in the release. Whether stablecoin issuers hold third-party tokenized funds as reserves at scale, and how supervisors treat them when they do, remains to be seen.
Institutions in this story
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BlackRock, Inc.
Asset manager
Launched BSTBL OnChain shares and the BRSRV fund on 3 August, both invested in cash, short-dated Treasuries and overnight repo, and both intended to qualify as eligible reserve assets under the GENIUS Act. Extends BUIDL, its tokenized dollar fund of March 2024.
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Securitize
Tokenization platform
Transfer agent and tokenization provider for BRSRV, the new multi-chain vehicle, and already BlackRock's partner on BUIDL.
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BNY
Custodian
Transfer agent and tokenization provider for the BSTBL OnChain share class on Ethereum, putting a custodian bank on one side of the same announcement that put a tokenization specialist on the other.
On the record
BlackRock launches two tokenized funds aimed at stablecoin reserves
BlackRock announced OnChain shares of its Select Treasury Based Liquidity Fund on Ethereum, with BNY as transfer agent, and BRSRV, a new multi-chain tokenized money market fund with Securitize, on 3 August 2026. Both hold cash, short-dated Treasuries and overnight repo, and the release says their strategy intends to make them eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.