BlackRock Files for Two New Tokenized Money Market Funds to Bridge Traditional Finance and Blockchain

BlackRock is accelerating its integration of traditional financial yields with blockchain technology by filing with U.S. regulators to introduce two new tokenized money market funds. The filings, submitted on May 8 to the Securities and Exchange Commission (SEC), mark a significant step in the asset manager’s strategy to connect conventional investment instruments with the rapidly growing digital asset market.

The dual initiative includes a blockchain-based share class for an existing multibillion-dollar treasury fund and a new vehicle designed specifically for the crypto-native market. These products target investors who prefer managing wealth through digital wallets and stablecoins rather than traditional brokerage accounts. The move also reinforces BlackRock’s leadership in the emerging tokenized real-world asset (RWA) sector.

BlackRock’s Tokenized Treasury Fund: BSTBL

The first proposed product will digitize a portion of the BlackRock Select Treasury-Based Liquidity Fund (BSTBL), a $6.1 billion mutual fund governed by the Rule 2a-7 mandates under the Investment Company Act of 1940. This blockchain-based share class will operate alongside its traditional institutional shares and is set to launch on the Ethereum network.

The tokenized BSTBL securities will maintain a conservative investment strategy, allocating 100% of assets to cash, U.S. Treasury bills, and overnight government-secured repurchase agreements. The portfolio adheres to a strict dollar-weighted average maturity of 60 days or less, ensuring high liquidity and minimal risk.

BlackRock’s Stablecoin Reserve Vehicle: BRSRV

The second filing introduces the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a ground-up tokenized product designed for multi-chain deployment. Unlike the Ethereum-exclusive BSTBL shares, BRSRV maximizes interoperability across the decentralized web.

BRSRV is structured as a treasury-backed money market fund, mirroring the underlying asset profile of BSTBL. It focuses exclusively on short-term U.S. government obligations with maturities under 93 days. However, its primary purpose is to serve as institutional-grade infrastructure for the crypto economy.

Strategic Positioning for the GENIUS Act

Industry analysts view the BRSRV filing as a strategic move to capitalize on the evolving U.S. regulatory landscape, particularly the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Experts suggest BlackRock is positioning BRSRV to function as a compliant, yield-bearing reserve asset for stablecoin issuers under the new legislative framework.

BlackRock is already a major player in this space, currently managing approximately $65 billion in existing stablecoin reserves. The asset manager has also recently submitted a comment letter to the Office of the Comptroller of the Currency (OCC) regarding the agency’s proposed framework for permitted payment stablecoin issuers.

“You'll be seeing much more of this from top asset managers.”
— Nate Geraci, President of NovaDius Wealth