BlackRock has expanded its tokenized fund effort to Solana with the launch of a money market vehicle designed for stablecoin reserves. On Monday, the firm introduced the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, and also issued tokenized on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund, or BSTBL.
The move adds Solana to BlackRock’s list of supported networks for tokenized investment products. Ownership records for the fund are maintained on Solana, Ethereum and Tempo, according to the report.
A reserve-focused fund for stablecoin issuers
BRSRV was introduced as a product tailored to stablecoin reserve needs, while BSTBL was brought on-chain through tokenized fund shares. In a statement, Jon Steel, global head of product and platform for BlackRock’s cash management business, said, “Cash remains a foundational building block for investors, companies, and financial institutions. As demand for high-quality reserve assets to support stablecoins and other tokenized financial products grows, these funds provide clients with additional choices for accessing and using money market fund investment solutions across traditional and digital markets.”
The report said BlackRock’s earlier tokenized products had been limited to Ethereum, but this rollout adds Solana and Stripe-linked public chain Tempo.
SEC filing names Solana, Ethereum and Tempo
In a prospectus filed with the U.S. Securities and Exchange Commission on Friday, BlackRock said ownership records are kept on Solana, Ethereum and Tempo, with investors holding shares through approved wallets managed by transfer agent Securitize.
BlackRock wrote, “The Fund issues On-Chain Shares through a permissioned system that operates in conjunction with one or more public, permissionless blockchains; as of the date of this Prospectus, those blockchains include Ethereum, Tempo and Solana, and other supported networks may be added in the future.”
The filing also said wallets must be whitelisted and linked to verified identities. That gives the transfer agent the ability to restrict transfers and, in certain situations, freeze, rescind or reissue tokenized shares.
Portfolio limited to cash, short-term Treasuries and overnight repos
The fund invests entirely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasuries. BlackRock said it does not invest in any crypto assets.
The firm wrote, “The Fund will continue to invest in accordance with Rule 2a-7 under the Investment Company Act of 1940 and the terms of this Prospectus.” It also stated, “The Fund will not invest in any digital assets, including any virtual currency.”
$3 million minimum and GENIUS Act reserve design
The fund has a $3 million minimum initial investment. BlackRock said the structure is intended to satisfy the qualified reserve asset standard under the GENIUS Act, described in the report as the U.S. law governing payment stablecoins.
The prospectus also warned that future regulatory changes could affect whether stablecoin issuers may continue using the fund as a reserve asset. It added that blockchain disruptions or smart contract flaws could disrupt transactions.
From BUIDL to BRSRV
The launch extends BlackRock’s wider tokenization push. The company introduced the tokenized money market fund BUIDL in March 2024, and the report said assets under management have now surpassed $2.6 billion.
The report also said that after passage of the GENIUS Act, BlackRock joined Morgan Stanley and Fidelity, both of which have also launched products for stablecoin reserve management.
From BUIDL to BSTBL and now BRSRV, BlackRock has continued moving money market fund exposure on-chain, broadening network support from Ethereum to Solana and Tempo.