BlackRock has launched BSTBL and BRSRV, two tokenized money market products built for stablecoin reserves, expanding its push into blockchain based finance
BlackRock, the world's largest asset manager, has launched BSTBL and BRSRV, two blockchain-based money market products designed to support the next generation of regulated U.S. stablecoins.
The new offerings are built to qualify as eligible reserve assets under the GENIUS Act, positioning BlackRock to play a bigger role as stablecoin adoption accelerates.
BSTBL is an on-chain share class of BlackRock's existing Select Treasury Based Liquidity Fund, built on the Ethereum blockchain. Instead of changing the underlying investment strategy, BlackRock has created a blockchain version of an already established money market fund.
The tokenized shares can be transferred between approved digital wallets while maintaining the same liquidity and stability investors expect from a regulated money market fund.
Meanwhile, BRSRV is a newly created tokenized money market vehicle aimed at digitally native institutional investors.
It supports daily dividend reinvestment and operates across multiple blockchain networks, making it suitable for stablecoin issuers and other blockchain-based financial applications.
Both products invest primarily in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasuries, helping preserve liquidity while generating current income.
The timing is closely linked to the GENIUS Act, America's new stablecoin legislation. The law requires regulated payment stablecoin issuers to hold high-quality reserve assets backing every token in circulation.
BlackRock says both BSTBL and BRSRV are designed to meet those reserve requirements, giving stablecoin issuers another regulated option for managing customer reserves.
The opportunity is significant.
During BlackRock's recent second quarter earnings call, Chief Financial Officer Martin Small said the company already manages around $60 billion of reserves for Circle, representing roughly one-quarter of the global $300 billion stablecoin market.
"We want to be the reserve manager of choice," Small said, noting BlackRock's growing focus on digital assets.
Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business, added that demand for high-quality reserve assets continues to rise as stablecoins and other tokenized financial products become more widely adopted.
The recent launch builds on BlackRock's earlier success with BUIDL, its first tokenized money market fund introduced in partnership with Securitize in 2024.
Since launch, BUIDL has grown to approximately $2.5 billion in assets and is increasingly being used across crypto markets as collateral for lending, borrowing, and leveraged trading.
With BSTBL and BRSRV, BlackRock is expanding beyond a single tokenized fund into a broader suite of blockchain-based cash management products.
This strategy reflects CEO Larry Fink’s long-standing view that tokenization can modernize financial markets by improving settlement speed, increasing transparency, and enabling assets to move more efficiently across digital networks.
The launch also comes as tokenization gains momentum across Wall Street. According to rwa.xyz, the tokenized real-world asset market has grown by more than 200% over the past year, surpassing $30 billion.
Meanwhile, Citi estimates tokenized securities could reach $5.5 trillion by 2030, highlighting the industry's long-term growth potential.
BlackRock appears to be positioning itself at the center of that transformation. Its Cash Management Group already oversees nearly $1.073 trillion across cash investment strategies, while U.S. money market funds collectively manage more than $8.4 trillion in assets.
Rather than viewing tokenization as a niche product, BlackRock is increasingly treating it as the future foundation of capital markets.
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