BlackRock tokenises money market funds to meet GENIUS Act reserve rules
BlackRock's new on-chain cash funds aim to qualify as stablecoin reserve assets under US law, deepening its Circle ties and tokenisation push.
BlackRock has launched two tokenised money market products explicitly designed to qualify as reserve assets for regulated stablecoin issuers under the United States’ GENIUS Act, extending the asset manager’s blockchain strategy at a moment when Washington is tightening rules on what backs digital dollars.
The world’s largest asset manager introduced on-chain shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) on Ethereum, alongside the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a tokenised product offering daily dividend reinvestment that is accessible across multiple blockchain networks. Coverage of the launch indicates the offering spans both Ethereum and Solana, according to reporting cited by Coincu, extending BlackRock’s tokenised cash platform beyond its original single-chain footprint.
Structured for stablecoin issuers, not retail traders
According to BlackRock, both funds are structured so permitted US payment stablecoin issuers can hold them as compliant reserve assets under the GENIUS Act, the federal framework governing stablecoin backing requirements. Digital asset infrastructure firm Securitize will act as transfer agent and tokenisation provider for BRSRV, extending a partnership with BlackRock that dates back to the 2024 launch of the BUIDL fund. The expansion is also documented in a prospectus supplement filed with the US Securities and Exchange Commission on EDGAR, formalising the underlying fund structure.
BUIDL, BlackRock’s first tokenised fund, has grown to roughly $2.5 billion in assets and is now widely used as collateral in crypto lending and leveraged trading. A Solana share class of BUIDL was announced with Securitize in March 2025, giving BlackRock an earlier foothold on that network ahead of this latest expansion.
A quarter of the stablecoin reserve market already
Speaking on BlackRock’s second-quarter 2026 earnings call, chief financial officer Martin Small said the firm already manages $60 billion in reserves for Circle, roughly a quarter of the estimated $300 billion stablecoin market, and stated that BlackRock aims to become the preferred reserve manager for stablecoin issuers more broadly. The new tokenised products appear designed to reinforce that position as issuers seek assets that satisfy the GENIUS Act’s reserve criteria while remaining compatible with on-chain settlement.
The launch sits within a much larger pool of capital: US money market funds now hold more than $8.4 trillion in assets, and BlackRock’s Cash Management Group alone oversees nearly $1.073 trillion in cash strategies. Even a modest shift of that capital onto blockchain rails would represent a substantial expansion of tokenised real-world assets.
Institutions converge on tokenised cash
BlackRock is not alone in this pivot. JPMorgan has launched its own tokenised money fund on Ethereum, and BNY Mellon has advanced a similar tokenised product strategy, suggesting large financial institutions are converging on on-chain cash instruments as a first step into digital assets, ahead of riskier tokenised categories such as equities or credit.
Analysts note that on-chain availability does not automatically confer broad retail access, and that multi-chain listing alone does not guarantee liquidity; adoption will hinge on integrations and distribution across each network. For UK and European observers, the development is significant chiefly as a regulatory signal: US stablecoin law is now shaping the design of mainstream asset-management products, a dynamic that policymakers in London and Brussels will be watching closely as they finalise their own digital asset and stablecoin frameworks.
Read more: Securitize chief warns unauthorised tokenised stocks risk a 300% pricing gap
