BlackRock has introduced two tokenized money market products aimed at serving as reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act. The new offerings are OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund, known as BSTBL, and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV.

The move adds to BlackRock’s growing presence in tokenized cash and Treasury products at a time when large asset managers are positioning for potential demand from stablecoin issuers. Both funds are structured around holdings in cash, short-term U.S. Treasuries, and Treasury-backed overnight repurchase agreements.

Two funds tailored to reserve rules

BSTBL is a tokenized share class of BlackRock’s existing $6.1 billion Treasury fund and is issued on Ethereum. BNY is acting as both transfer agent and tokenization provider for the product.

BRSRV is a newly created fund designed for multi-blockchain access and includes daily dividend reinvestment. Securitize is serving as transfer agent for that vehicle.

According to BlackRock, the investment strategies for both funds are intended to meet the eligible reserve asset standards set out for permitted U.S. payment stablecoin issuers under the GENIUS Act.

A reworked fund and a broader onchain push

BlackRock said the BSTBL fund traces back to a product that was renamed and retooled in October 2025. At that time, the former BlackRock Liquid Federal Trust Fund was adjusted specifically to align with the reserve requirements in the GENIUS Act.

The latest launch gives BlackRock three products in this segment, alongside BUIDL, its tokenized Treasury fund introduced in March 2024. BUIDL currently holds about $2.5 billion in assets.

In a statement released with the launch, Jon Steel, BlackRock’s global head of product and platform for its cash management business, said cash remains a foundational building block for investors, corporations, and financial institutions.

Tokenized Treasuries continue to expand

The broader market for tokenized U.S. Treasuries has grown sharply since BUIDL entered the market. Data cited by The Block indicates the category expanded from $721 million at the time of BUIDL’s launch to more than $16 billion, roughly a 20-fold increase.

Even with that growth, BUIDL remains the largest fund in the category by assets, according to the same data. BlackRock’s latest products suggest the firm sees additional room for specialized onchain cash instruments beyond its flagship tokenized Treasury strategy.

Competition builds as regulation remains incomplete

BlackRock is part of a wider push by traditional finance firms to prepare products for stablecoin reserve mandates. Earlier this year, Goldman Sachs and BNY launched reserve funds aligned with the GENIUS Act. State Street followed in June through a partnership with Anchorage Digital, while Fidelity entered the market days later. Invesco also filed in late June for its own onchain reserve fund, naming Superstate as sub-transfer agent.

State Street has estimated that the current stablecoin market of about $320 billion in circulation could grow to between $1.9 trillion and $4 trillion by 2030. That outlook, however, depends in part on further legislation.

The next major policy question is the CLARITY Act, which would go beyond reserve rules in the GENIUS Act and address broader market-structure issues. The measure does not yet have a scheduled Senate floor vote, and prediction markets cited in the report put the odds of passage this year at about 30 percent. Even so, asset managers are continuing to build reserve-focused infrastructure while waiting to see whether issuance grows into the products now being launched.

Source: www.blockhead.co