BSTBL and BRSRV combine the liquidity and stability of regulated money market funds with the efficiency of blockchain-based infrastructure

BlackRock expanded its cash management strategy with the launch of two tokenized money market products: OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (“BSTBL”) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (“BRSRV”). 

The new products combine BlackRock’s money market capabilities with blockchain-based infrastructure while maintaining the liquidity and stability, investors expect from regulated money market funds. 

“Cash remains a foundational building block for investors, corporations, and financial institutions,” said Jon Steel, Global Head of Product and Platform for BlackRock’s Cash Management business. “U.S. money market funds have grown to more than $8.4 trillion in assets¹ as investors continue to prioritize liquidity, capital preservation, and the potential for 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.” 

BSTBL introduces a tokenized share class on the Ethereum blockchain of an existing money market fund. The OnChain Shares extend a scaled cash management strategy into a digital format and can be transferred between approved investor wallets, subject to applicable law. BNY serves as a transfer agent and tokenization provider for the BSTBL OnChain Shares. 

BRSRV is a newly launched tokenized money market fund designed for digitally native institutional investors. The fund includes features such as daily dividend reinvestment and multi-blockchain accessibility and can be used for a range of digital asset use cases, including stablecoin reserve management. Securitize serves as BRSRV’s transfer agent and tokenization provider. 

Both funds seek current income consistent with liquidity and stability of principal by investing in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasury securities, and the investment strategy of both funds intends to makes them “eligible reserve assets” for permitted U.S. payment stablecoin issuers under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”). 

 BlackRock’s Cash Management Group oversees nearly $1.073 trillion in cash strategies for a diverse range of investors, including corporations, banks, foundations, insurance companies, and public funds.²  

Source: BlackRock