Key facts
- BlackRock has launched two new tokenized money market products.
- The BlackRock Select Treasury Based Liquidity Fund (BSTBL) is a tokenized share class on Ethereum.
- The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) offers daily dividend reinvestment and multi-blockchain access.
- Both funds are intended to qualify as eligible reserve assets for U.S. payment stablecoin issuers.
- BlackRock aims to be the stablecoin reserve manager of choice in the industry.
BlackRock, the world's largest asset manager, has expanded its tokenized cash platform by introducing two new tokenized money market products. The BlackRock Select Treasury Based Liquidity Fund (BSTBL) is a tokenized share class on Ethereum for an existing BlackRock money market fund. Additionally, a new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) has been unveiled, offering daily dividend reinvestment and access across multiple blockchains.
These new offerings deepen BlackRock's commitment to tokenized finance, which involves blockchain-based representations of traditional financial assets. Proponents suggest this technology can enhance settlement speed, enable 24/7 trading, and improve transparency. Both funds are designed to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act.
During a recent earnings call, BlackRock CFO Martin Small expressed the company's ambition to be the leading stablecoin reserve manager, noting that BlackRock already manages $60 billion of reserves for Circle, representing a significant portion of the stablecoin market. BlackRock's Cash Management Group oversees substantial assets in cash strategies, and the new funds aim to provide clients with more options for accessing money market fund solutions in both traditional and digital markets.