BlackRock rolls out two tokenized products for cash management
- BlackRock launched BSTBL and BRSRV tokenized products to expand its cash management strategy.
- BSTBL brings tokenized shares of an existing money market fund to Ethereum, while BRSRV targets digitally native institutional investors.
- Both funds invest in US Treasuries and overnight repurchase agreements, aiming to become reserve assets for eligible US stablecoin issuers.
BlackRock has expanded its push into tokenized financial products with the launch of two blockchain-based money market funds, seeking to bring traditional cash management products into digital asset markets.
The asset manager announced the launch of the BlackRock Select Treasury-Based Liquidity Fund (BSTBL) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), according to a statement on Monday.
The products are designed to combine the liquidity and stability of regulated money market funds with blockchain infrastructure.
"Cash remains a foundational building block for investors, corporations, and financial institutions," Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business, said in the announcement.
BlackRock said US money market funds have grown to more than $8.4 trillion in assets, as investors continue to prioritize liquidity, capital preservation and potential yield.
“As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets,” Steel added.
How BSTBL and BRSRV works
BSTBL introduces a tokenized share class of an existing money market fund on the Ethereum blockchain. The shares can be transferred between approved investor wallets, subject to applicable laws, with BNY serving as the fund's transfer agent and tokenization provider.
On the other hand, BRSRV is a newly launched tokenized money market fund aimed at digitally native institutional investors. The product offers daily dividend reinvestment and access across multiple blockchains, with potential applications including stablecoin reserve management. Securitize serves as its transfer agent and tokenization provider.
Both funds invest in cash, short-term US Treasury securities and overnight repurchase agreements backed by US Treasuries. BlackRock stated that their investment strategies are designed to make them eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act, the US stablecoin legislation signed into law in 2025.
With BSTBL and BRSRV, BlackRock is now extending that strategy into cash management and stablecoin infrastructure, giving institutional investors additional ways to access money market products through digital rails.
BlackRock's Cash Management Group currently oversees nearly $1.073 trillion in cash strategies for investors including corporations, banks, foundations, insurance companies and public funds.
The launch builds on BlackRock's growing presence in tokenized real-world assets, particularly through its flagship BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
Launched in 2024 with Securitize, BUIDL invests primarily in cash, US Treasury bills and repurchase agreements, while representing investor ownership through blockchain-based tokens. The fund has become a major example of how traditional financial assets can be issued and managed on blockchain networks.
The expansion comes as asset managers and financial institutions increasingly explore tokenization as a way to modernize the trading and settlement of traditional financial assets.
