BlackRock has deepened its on-chain finance push with the launch of two new tokenized money market funds, one of which runs on Ethereum, as the asset management giant positions itself to capture a leading role in the $300 billion stablecoin market. The BlackRock Select Treasury Based Liquidity Fund (BSTBL) is a tokenized share class on Ethereum, while the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) operates across multiple blockchains with automatic daily dividend reinvestment. Both products are designed to qualify as eligible reserve assets for payment stablecoin issuers under the U.S. GENIUS Act, according to BlackRock and filings with the Securities and Exchange Commission.
The move extends BlackRock’s earlier tokenized cash initiative, which began in 2024 with the BUIDL fund on Ethereum via Securitize. That fund now holds roughly $2.5 billion in assets and is increasingly used as collateral in crypto lending and leverage markets. For the new BRSRV fund, Securitize will again act as transfer agent and tokenization provider. BlackRock Chief Financial Officer Martin Small underscored the strategic intent, noting that the firm already manages $60 billion in reserves for Circle—roughly a quarter of the entire stablecoin market. “We want to be the reserve manager of choice,” Small said. Jon Steel, Global Head of Product and Platform for BlackRock’s cash management business, added that the new funds give clients more ways to access investment solutions across both traditional and digital markets.
The launch arrives as the tokenized real-world asset market surges—it has grown more than 200% over the past year to surpass $30 billion, with Citi projecting the sector could reach $5.5 trillion by 2030. BlackRock’s cash management group oversees about $1.073 trillion in liquidity strategies, while the broader U.S. money market fund industry stands at over $8.4 trillion. By structuring these funds to meet GENIUS Act reserve requirements, BlackRock is betting that stablecoin issuers will increasingly turn to tokenized, on-chain instruments. The firm’s decision to again build on Ethereum reinforces that network’s role as a hub for institutional tokenization, alongside competing efforts such as JPMorgan’s MONY fund.
