BlackRock has launched two tokenized money market products, expanding its blockchain-based cash management business with the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV).
The asset manager said the new products combine the liquidity and stability of traditional money market funds with blockchain infrastructure, offering institutional investors a more flexible cash management tool across traditional finance and digital asset markets.
BSTBL to offer Ethereum-based tokenized shares
BSTBL will issue tokenized shares on Ethereum based on an existing money market fund. According to BlackRock, those onchain shares can be transferred between approved wallets, subject to regulatory requirements.
BNY Mellon will act as transfer agent and tokenization services provider for BSTBL.
BRSRV targets digitally native institutions
BRSRV is a new tokenized money fund designed for digitally native institutional investors. It supports daily dividend reinvestment and multi-blockchain access, and is intended for a range of digital asset use cases, including stablecoin reserve management.
Securitize will serve as transfer agent and tokenization services provider for the fund.
Portfolio composition and scale
Both products invest in cash, short-term U.S. Treasuries, and overnight repurchase agreements backed by U.S. Treasuries, with the goal of generating yield while maintaining principal stability and liquidity.
BlackRock said its cash management group currently oversees nearly $1.1 trillion in cash strategy assets for a broad client base that includes corporations, banks, foundations, insurers, and public institutions.
The launch of the tokenized money funds is seen as another step by a traditional asset manager into RWA, or real-world asset tokenization, and onchain financial infrastructure.