BlackRock Rolls Out New Tokenized Money Market Funds Designed to Qualify as Reserve Assets Under the GENIUS Act

TL;DR

• BlackRock launched two new tokenized money market funds: BSTBL on Ethereum and BRSRV, available across multiple blockchains.
• Both funds seek to qualify as eligible reserve assets for stablecoin issuers under the U.S. GENIUS Act.
• The tokenized real-world asset market grew more than 200% over the past year and now surpasses $30 billion.

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BlackRock expanded its tokenized cash platform with two new blockchain-based money market products, according to an announcement by the asset manager.

The firm is the world’s largest asset manager. It introduced the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a tokenized share class on Ethereum for an existing money market fund. It also launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), with daily dividend reinvestment and access across multiple blockchain networks. Filings with the U.S. Securities and Exchange Commission (SEC) had been submitted in May of this year.

BlackRock: Stablecoin Reserve Manager

Both funds aim to qualify as reserve assets eligible for payment stablecoin issuers operating in the United States, in accordance with the requirements of the GENIUS Act. Securitize acts as transfer agent and tokenization provider for BRSRV.

These products represent the firm’s bet on tokenized finance — blockchain representations of traditional financial assets such as funds, bonds, or equities — a technology that its proponents highlight for accelerating settlement, enabling continuous operations, and improving transparency.

In 2024, BlackRock had launched its first tokenized money market fund, BUIDL, together with Securitize. That fund now holds approximately $2.5 billion in assets and is increasingly used as collateral for lending and leveraged trading operations in crypto markets.

Wall Street’s Interest in Tokenized Assets

Martin Small, BlackRock’s Chief Financial Officer, stated during the second quarter 2026 earnings presentation that the company manages $60 billion in reserves for Circle, representing roughly a quarter of the stablecoin market, valued at $300 billion. “We want to be the reserve manager of choice,” Small declared.

Jon Steel, Global Head of Product and Platform for the firm’s cash management business, noted that the new funds offer clients additional options to access investment solutions across traditional and digital markets.

U.S. money market funds surpass $8.4 trillion in assets, while BlackRock’s cash management group oversees approximately $1.073 trillion in liquidity strategies. According to data from rwa.xyz, the tokenized real-world asset market grew more than 200% over the past year. Citi projects that tokenized securities could reach $5.5 trillion by 2030.