BlackRock is expanding its tokenization push with two new blockchain-based money market products launched on Aug. 3, according to company materials. The two vehicles serve different purposes. BSTBL is a tokenized share class of an existing BlackRock money market fund issued on Ethereum, with underlying exposure to cash, short-dated U.S. Treasuries, and Treasury repurchase agreements. BRSRV, by contrast, is a newly created daily reinvestment stablecoin reserve vehicle that supports multiple blockchains and is clearly designed for stablecoin issuers seeking reserve assets.
The filing timeline is also notable. Both products were submitted to the U.S. Securities and Exchange Commission in May. ABMedia said their structure aligns with the GENIUS Act and could qualify as reserve assets for compliant stablecoin issuers. The launch comes as BlackRock’s existing tokenized money market fund, BUIDL, has grown to about $2.5 billion. The fund is being used more frequently in crypto markets as collateral for lending and as margin for leveraged trading. ABMedia added that yield-bearing on-chain cash products are starting to take over some use cases traditionally held by non-yielding stablecoins, a trend it said was also one reason Morgan Stanley turned bearish on Circle the same day.
BlackRock, the world’s largest asset manager, has rolled out two new blockchain money market products as it deepens its move into tokenization, according to BlackRock materials cited by ABMedia. The products launched on Aug. 3 and extend the firm’s reach into on-chain cash and the market for stablecoin reserves.
BSTBL and BRSRV target different parts of the market
The two offerings have different structures and uses. BSTBL is a tokenized share class of an existing BlackRock money market fund issued on Ethereum. Its underlying holdings include cash, short-dated U.S. Treasuries and Treasury repurchase agreements.
BRSRV is a newly established daily reinvestment stablecoin reserve vehicle. It supports multiple blockchains and is aimed directly at reserve demand from stablecoin issuers. ABMedia said the structure of both products is aligned with the GENIUS Act, allowing them to serve as eligible reserve assets for compliant stablecoin issuers.
SEC filings were made in May
The report said both products had already been filed with the U.S. Securities and Exchange Commission in May.
BUIDL has reached about $2.5 billion
BlackRock’s latest step comes against a broader market backdrop. Its existing tokenized money market fund, BUIDL, has grown to about $2.5 billion and is increasingly being used in crypto markets as collateral for lending and as margin for leveraged trading.
ABMedia said these yield-bearing forms of on-chain cash are gradually taking over use cases once held by non-yielding stablecoins. The outlet also noted that the same trend was one reason Morgan Stanley turned bearish on Circle on the same day.
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