BlackRock has expanded its tokenized investment lineup to Solana with a new money market fund built for stablecoin reserves. On Monday, the world’s largest asset manager launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, alongside tokenized on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund, BSTBL.
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, corporations, and financial institutions." He added that demand is rising for high-quality reserve assets that can support stablecoins and other tokenized financial products, and said the new funds give clients more choice in how they access and use money market fund investment solutions across traditional and digital markets.
Ownership recorded on Solana, Ethereum, and Tempo
In a prospectus filed with the U.S. Securities and Exchange Commission on Friday, BlackRock said ownership is recorded on Solana, Ethereum, and Tempo. Investors hold shares through approved wallets managed by transfer agent Securitize.
BlackRock wrote in the filing: "The Fund issues OnChain Shares through a permissioned system that operates in connection with one or more public, permissionless blockchains, which, as of the date of this Prospectus, include Ethereum, Tempo, and Solana, and may include other supported networks in the future."
The prospectus also says wallets must be whitelisted and tied to verified identities. That setup allows the transfer agent to restrict transfers and, in some cases, freeze, revoke, or reissue tokenized shares.
Fund limited to cash and Treasury-related instruments
BlackRock said the fund invests entirely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The firm also said the fund does not invest in cryptocurrencies.
In the filing, BlackRock wrote: "The Fund will continue to invest in accordance with the requirements in Rule 2a-7 under the 1940 Act and the terms of this Prospectus." It added: "The Fund will not invest in any digital assets, including any virtual currencies."
The fund carries a $3 million minimum initial investment.
Structured with the GENIUS Act in mind
BlackRock said the fund is structured to qualify as an eligible reserve asset under the GENIUS Act, the U.S. law governing payment stablecoins.
The prospectus also notes that future regulatory changes could affect whether stablecoin issuers can continue using the fund as a reserve asset. It adds that blockchain outages or smart contract flaws could disrupt transactions.
Part of a broader tokenization strategy
The launch adds to BlackRock’s wider tokenization strategy. The firm introduced the BUIDL tokenized money market fund in March 2024, and that product now manages more than $2.6 billion in assets.
BlackRock is joining Morgan Stanley and Fidelity, which have also introduced products aimed at stablecoin reserve management following the passage of the GENIUS Act.