BlackRock launched two tokenized money market products on Monday: OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and a new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), according to the company’s press release. Both funds’ investment strategies are designed to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act.
BSTBL introduces a tokenized share class, issued on Ethereum, of BlackRock’s existing $6.1 billion Treasury fund, with BNY serving as transfer agent and tokenization provider. The fund was renamed and retooled from the BlackRock Liquid Federal Trust Fund in October 2025 specifically to align with the GENIUS Act’s reserve requirements. BRSRV is a newly created fund built for multi-blockchain access and daily dividend reinvestment, with Securitize as transfer agent. Both funds invest in cash, short-term U.S. Treasuries, and Treasury-backed overnight repurchase agreements.
“Cash remains a foundational building block for investors, corporations, and financial institutions,” said Jon Steel, BlackRock’s global head of product and platform for its cash management business, in the release.
The launch gives BlackRock three tokenized products in the category, alongside BUIDL, the firm’s flagship tokenized Treasury fund, which holds roughly $2.5 billion in assets. Since BUIDL’s March 2024 launch, tokenized U.S. Treasuries broadly have grown from $721 million to more than $16 billion, according to data cited by The Block — a roughly 20-fold expansion in a category BUIDL still leads by assets.
BlackRock is not alone in targeting reserve mandates. Goldman Sachs and BNY launched GENIUS Act-aligned reserve funds earlier this year, and State Street followed in June, partnering with Anchorage Digital. Fidelity entered days later, and Invesco filed for its own onchain reserve fund in late June with Superstate as sub-transfer agent. State Street estimates the addressable market, currently around $320 billion in circulating stablecoins, could reach $1.9 trillion to $4 trillion by 2030.
That scale depends partly on legislation still stuck in Congress. The CLARITY Act, which would extend market-structure clarity beyond the GENIUS Act’s reserve rules, has no scheduled Senate floor vote, and prediction markets put its odds of passage this year at roughly 30 percent. Asset managers are building the reserve infrastructure regardless of that timeline, betting the mandates will materialize once stablecoin issuance catches up to the products now competing for it.