Tempo on Aug. 12 introduced Tempo Earn, a product aimed at fintech platforms that want to offer rewards on users’ idle stablecoin balances while keeping part of the yield for themselves. Payroll platform Deel is the first named rollout. Tempo says the yield does not come from the stablecoin issuer, a key distinction under the GENIUS Act, which bars permitted payment stablecoin issuers from paying holders any form of interest or yield. Instead, Tempo Earn routes rewards through tokenized money market funds, onchain lending, and institutional credit, with the platform choosing the underlying assets and deciding how rewards are split with customers. The first implementation centers on DLUSD, a dollar-backed balance inside Deel. Deel’s help center says the launch carried a promotional target rate of up to 4% APY, while stressing that the rate is variable, not guaranteed, and driven by market conditions. Neither Deel nor Tempo has disclosed who funds that rate or how much yield Deel retains. The structure lands as US regulators continue to work through pass-through yield questions. Proposed rules from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. would create a rebuttable presumption in some arrangements where an issuer works with affiliates or related third parties that pay yield to holders.

S&P Global Ratings has assigned its top "AAAm" rating for principal stability to BlackRock's new tokenized money-market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV. The rating is the highest given by S&P in the category for principal-stability funds. It is based on the credit quality of the fund's investments and counterparties, its term structure, and management's ability to maintain a stable net asset value. S&P said it found no weaknesses in BlackRock's advisory management and organization, credit research and analysis, risk management, or compliance. The fund's tokenization framework, meanwhile, was described as operationally resilient, using a permissioned design that restricts transactions to whitelisted wallets, which helps reduce network, smart-contract, and blockchain risks. BRSRV launched as an open-end management investment company, with the specific goal of making its shares eligible as qualified reserve assets for payment stablecoin issuers under the GENIUS Act. Its portfolio will consist of cash, U.S. Treasury securities with maturities of 93 days or less, and overnight repurchase agreements collateralized by Treasury instruments, keeping the weighted average maturity at or below 60 days and the weighted average life at or below 120 days. In a separate stablecoin stability assessment, S&P found that six of the eleven stablecoins it covers have sufficient or stronger capacity to maintain their fiat pegs. USDT, TUSD, and USDe remain at the weakest level, level 5, while USDC, EURC, USDG, and USDP are rated level 2, considered strong.

S&P Global Ratings awarded BlackRock's tokenized money market fund, BRSRV, an 'AAAm' rating, its highest mark for principal stability. The rating reflects investment and counterparty credit quality, term structure, and management's ability to maintain a stable net asset value. S&P found no weaknesses in BlackRock Advisors' management, credit research, risk management, or compliance. The fund uses a permissioned architecture with whitelisted wallets to mitigate network, smart contract, and blockchain risks. Launched as an open-end investment company, BRSRV aims to qualify as reserve assets for payment stablecoin issuers under the GENIUS Act, holding cash, Treasuries within 93 days, and overnight repos. In a separate stablecoin assessment, six of eleven covered stablecoins show 'sufficient' or stronger fiat-peg capacity; USDT, TUSD, and USDe remain at 'weak' Level 5, while USDC, EURC, USDG, and USDP are 'strong' Level 2.

BlackRock has rolled out a tokenized money market vehicle built for stablecoin reserves and expanded its on-chain fund infrastructure beyond Ethereum. On Monday, the asset manager launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, while also issuing tokenized on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund, known as BSTBL. According to the filing cited in the report, ownership records for the fund are maintained across Solana, Ethereum and Tempo, with approved wallets administered by transfer agent Securitize. The structure uses a permissioned system tied to verified identities, allowing restrictions on transfers and, in certain cases, the freezing, rescission or reissuance of tokenized shares. BlackRock said the fund invests only in cash, short-term U.S. Treasuries and overnight repurchase agreements backed by Treasuries, and does not invest in any crypto assets. The fund carries a $3 million minimum initial investment. BlackRock also said the structure is designed to meet the qualified reserve asset standard under the GENIUS Act, while warning that regulatory changes, blockchain outages or smart contract flaws could affect its use or operation.

BlackRock has rolled out a new money market fund aimed at stablecoin reserves and added Solana to the blockchains supporting its tokenized investment products. On Monday, the asset manager launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, alongside on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund, BSTBL. According to a prospectus filed with the U.S. Securities and Exchange Commission on Friday, ownership is recorded on Solana, Ethereum, and Tempo, with investors holding shares through approved wallets managed by transfer agent Securitize. The fund invests only in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries, and BlackRock says it does not invest in cryptocurrencies or other digital assets. The structure is designed to qualify as an eligible reserve asset under the GENIUS Act, the U.S. law governing payment stablecoins, though the filing says future regulatory changes, blockchain outages, or smart contract flaws could affect how the product is used or how transactions are processed. The launch adds to BlackRock’s broader tokenization push, following the debut of BUIDL in March 2024, which now manages more than $2.6 billion in assets.

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 has unveiled two tokenized money market products as it broadens its blockchain-based cash management offering: the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). The firm said the products combine the liquidity and stability associated with traditional money market funds with blockchain infrastructure, giving institutional investors more flexible tools to move between traditional finance and digital asset markets. BSTBL will introduce Ethereum-based tokenized shares tied to an existing money market fund, with transfers allowed between approved wallets subject to regulatory requirements. BNY Mellon will serve as transfer agent and tokenization services provider for BSTBL. BRSRV is aimed at digitally native institutional investors, supports daily dividend reinvestment and multi-blockchain access, and is designed for digital asset use cases including stablecoin reserve management. Securitize will act as transfer agent and tokenization provider for that fund. Both products invest in cash, short-term U.S. Treasuries, and overnight repurchase agreements backed by U.S. Treasuries.

BlackRock now manages $2.93 billion in tokenized on-chain assets, according to Odaily, with Ethereum accounting for $1.1 billion and ranking ahead of Avalanche, Solana, and BNB Chain. The firm’s main on-chain exposure is concentrated in the BlackRock USD Institutional Digital Liquidity Fund, or BUIDL, which BlackRock and issuance platform Securitize launched in 2024. The fund holds cash, U.S. Treasuries, and repurchase agreements, while investor interests are represented as blockchain-based tokens. BUIDL has since expanded beyond Ethereum to eight networks: Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos, and BNB Chain. Separately, Bitcoin.com News reported that on May 8 BlackRock filed paperwork with the U.S. Securities and Exchange Commission for two new tokenized money market funds, BSTBL and BRSRV. The planned products are aimed at stablecoin issuers and holders.