BlackRock Launches Two Tokenized Funds at the Heart of Stablecoins

BlackRock has launched two tokenized money market funds to serve as reserves for stablecoins, bringing traditional asset management a step closer to the blockchain. The announcement on August 3, 2026 rests on the federal GENIUS Act, in force since July 2025. How far will the Wall Street giant extend its hold over the crypto sector?

Wall Street Embraces the Blockchain of Reserves

The move fits a broader wave: major banks now view stablecoins as infrastructure in their own right, not merely a speculative tool.

The stablecoin market is going through its worst contraction since the collapse of Terra, yet institutions see exactly an opening to impose standards. BlackRock, the world’s largest asset manager, is getting ahead by turning regulated money market funds into onchain assets.

The first product, BSTBL (BlackRock Select Treasury Based Liquidity Fund OnChain Shares), reuses an existing share class of the Select Treasury Based Liquidity Fund, hosted on Ethereum.

Eligible investors move the tokenized shares between approved wallets, while the fund keeps investing in cash, short-term US Treasuries and repurchase agreements backed by public debt. BNY acts as transfer agent and tokenization provider for these onchain shares.

The second, BRSRV (BlackRock Daily Reinvestment Stablecoin Reserve Vehicle), is a tokenized money market fund created for the occasion, open to institutional investors. It spans multiple blockchains, automatically reinvests its dividends every day and targets digital-asset use cases, including stablecoin reserve management. Securitize handles tokenization and the transfer-agent role for this vehicle.

The GENIUS Act Redraws Stablecoin Reserves

BlackRock presents both funds as structured to meet the reserve requirements of permitted US payment stablecoin issuers under the GENIUS Act.

As Cointelegraph reported, the GENIUS Act, enacted in July 2025, sets out for the first time a binding federal framework for dollar-backed stablecoins. By offering compliant tokenized reserve assets, BlackRock gives issuers a ready-made foundation.

This compliance changes the game for issuers like Tether or Circle, until now forced to build their reserves from more heterogeneous instruments. A tokenized money market fund, backed by Treasuries and run by the world’s largest manager, cuts credit risk and simplifies the regulatory justification.

Stablecoin holders gain greater transparency over the coverage of their digital dollars. Until now, stablecoin reserves rested on bank deposits and short-term debt securities, an arrangement regulators deem lacking in transparency.

BlackRock Consolidates Its Lead in Tokenized Treasuries

The move extends BlackRock’s presence in a tokenized Treasury market already dominated by the group. Its BUIDL fund (USD Institutional Digital Liquidity Fund) remains the largest tokenized fund of its kind, with over $2.6 billion in assets according to industry data. The arrival of BSTBL and BRSRV strengthens a position that makes BlackRock the central pivot of bond tokenization.

The stakes go beyond asset management: by connecting regulated reserves directly to stablecoin infrastructure, BlackRock is shaping the rails on which tomorrow’s digital dollars will circulate. Other giants will have to follow, or let the group lock in access to institutional liquidity that is now natively onchain.

Competition is organizing, however, as several asset managers study comparable vehicles, but none has an installed base comparable to BUIDL’s.

“Both funds are structured to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.

In the end, BlackRock no longer merely watches tokenization: it writes the rules for stablecoin reserves. The GENIUS Act opens the way, BUIDL proves the appetite, and these two new funds close the loop between traditional asset management and digital dollars. BlackRock’s dominance over tokenized Treasuries could soon spread to stablecoins as a whole. The supremacy of the dollar through stablecoins, already examined by our editorial team, finds here a very concrete expression.