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BlackRock Launches BSTBL, BRSRV Tokenized Funds as BUIDL Tops $2.6B

BlackRock adds two tokenized money-market funds built for GENIUS Act stablecoin reserves, as BUIDL's assets pass $2.6 billion.

Ravi Nair

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BlackRock Launches BSTBL, BRSRV Tokenized Funds as BUIDL Tops $2.6B

BlackRock, the world’s largest asset manager, unveiled two new tokenized money-market products on Monday, August 3, both engineered to qualify as reserve assets for U.S. stablecoin issuers under the GENIUS Act. The launch comes as BUIDL, BlackRock’s original tokenized Treasury fund, has grown to more than $2.6 billion in assets, cementing it as the largest fund of its kind on public blockchains.

The first product, the BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of an existing BlackRock money-market fund, issued on Ethereum. It holds cash, short-term U.S. Treasurys and Treasury-backed overnight repurchase agreements, with eligible investors able to move tokenized shares between approved wallets. BNY serves as transfer agent and tokenization provider for BSTBL.

The second, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created fund open to institutional investors that reinvests dividends daily and is accessible across multiple blockchains, including Solana and Ethereum. Securitize, which also tokenizes BUIDL, is BRSRV’s transfer agent and tokenization provider. BlackRock filed for both products with the U.S. Securities and Exchange Commission in May.

Built to fit the GENIUS Act’s reserve rules

BlackRock said both BSTBL and BRSRV are structured to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act, the federal stablecoin law enacted in July 2025. The law requires issuers to back tokens with high-quality, liquid assets such as cash and short-dated Treasurys — precisely the holdings underpinning both new funds.

That positioning puts BlackRock in direct competition with a growing roster of asset managers building similar products for stablecoin issuers, including Morgan Stanley, State Street and Fidelity. For issuers, holding tokenized fund shares instead of raw Treasury holdings can simplify custody, settlement and reporting while still meeting regulatory reserve requirements.

BUIDL’s growth sets the benchmark

BlackRock’s push into tokenized reserves began in 2024 with BUIDL (USD Institutional Digital Liquidity Fund), also tokenized with Securitize. BUIDL has since grown to more than $2.6 billion in assets and is increasingly used across crypto markets as collateral for borrowing and leveraged trading — a track record BlackRock is now looking to extend with BSTBL and BRSRV.

BlackRock Chief Financial Officer Martin Small said during the company’s Q2 2026 earnings call that the firm already manages tens of billions of dollars in reserve-related assets and wants to become the stablecoin industry’s reserve manager of choice. The new funds are the clearest sign yet of that ambition translating into product launches.

Why it matters for stablecoin holders

For everyday stablecoin holders and traders, the expansion signals that reserve backing for major dollar-pegged tokens is increasingly shifting toward regulated, blockchain-native fund structures rather than opaque off-chain holdings. Multi-chain access via BRSRV also means stablecoin issuers on networks like Solana could source GENIUS Act-compliant reserves without routing entirely through Ethereum infrastructure.

The move also underscores how tokenized Treasury products, once a niche corner of crypto markets, are now scaling toward multi-billion-dollar sizes and drawing in the largest names in traditional asset management as institutional and regulatory demand for onchain cash management grows.