BlackRock, the world’s largest asset manager, has filed with the US Securities and Exchange Commission to launch two tokenized money-market funds specifically designed for stablecoin holders and crypto-native investors. The move deepens institutional involvement in blockchain-based finance and signals a strategic bet on the digital-dollar economy.
The first product is a digital share class of the existing BlackRock Select Treasury Based Liquidity Fund (ticker: BSTBL), which manages approximately $6.1 billion in cash, US Treasury securities, and short-term debt instruments maturing within 93 days. These tokenized shares will trade on the Ethereum blockchain alongside traditional share classes. The second fund, called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenized money-market fund aimed at investors who keep their assets in stablecoins and digital wallets rather than conventional brokerage accounts. The SEC filing confirms BRSRV will operate across multiple blockchain networks.
The filings arrive amid growing regulatory momentum, particularly the proposed Genius Act, which seeks to establish federal rules for dollar-backed stablecoins. Bloomberg notes that stablecoin issuers are actively seeking reserve funds that are both “Genius-compliant and tokenized,” requiring round-the-clock trading and near-instant settlement. BlackRock already has a foothold in tokenized finance with its BUIDL fund, launched in 2024, which now holds roughly $2.5 billion in assets under management. CEO Larry Fink has repeatedly stated that “every financial asset will eventually be tokenized,” and the new filings show the firm is accelerating its stablecoin strategy.
The broader tokenized real-world asset market has surged approximately 410% since 2025, reaching $31 billion according to rwa.xyz. Ethereum commands 56% of tokenized asset settlements, making it a primary beneficiary of institutional adoption. However, competition is growing from networks like Canton, which reportedly processes $6 trillion monthly for institutions including JPMorgan and Franklin Templeton, and Stellar, which recently onboarded tokenized funds from Figure Technology Solutions and State Street. The push also comes as the CLARITY Act moves closer to final stages, potentially unlocking even more institutional products.
