BlackRock, the world's largest asset manager, has expanded its tokenized cash platform with the launch of two new blockchain-based money market products, deepening its push into digital asset infrastructure and positioning itself as a reserve manager for the stablecoin industry.
The announcement, made Monday, introduces the BlackRock Select Treasury Based Liquidity Fund (BSTBL) — a tokenized share class on Ethereum for an existing BlackRock money market fund — and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), which features daily dividend reinvestment and multi-chain access.
Both funds are designed to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act, the stablecoin legislation that has accelerated institutional interest in tokenized reserves.
Building on BUIDL
The new products extend BlackRock's tokenization roadmap established with BUIDL, its first tokenized money-market fund launched in 2024 in partnership with Securitize. BUIDL has since grown to approximately $2.5 billion in assets and is increasingly used across crypto markets as collateral for borrowing and leveraged trading.
Securitize serves as the transfer agent and tokenization provider for BRSRV, continuing the partnership that has made BlackRock the dominant traditional finance player in tokenized assets.
Strategic Positioning
BlackRock Chief Financial Officer Martin Small said during the firm's Q2 2026 earnings call that the company manages $60 billion of reserves for Circle, representing roughly one-quarter of the $300 billion stablecoin market. He positioned BlackRock as the stablecoin reserve manager of choice and signaled expectations for significant growth ahead.
The firm's Cash Management Group oversees nearly $1.073 trillion in cash strategies across corporations, banks, foundations, insurance companies, and public funds. U.S. money market funds overall have grown to more than $8.4 trillion in assets.
Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business, said the funds provide clients with additional choice in how they access money market solutions across both traditional and digital markets.
Tokenization Market Growth
The tokenized real-world asset market has grown more than 200% over the past year to exceed $30 billion, according to data from rwa.xyz. Citi projects that tokenized securities could reach $5.5 trillion by 2030, reflecting a broader Wall Street shift toward blockchain-based settlement and round-the-clock trading.
BlackRock CEO Larry Fink has repeatedly championed tokenization as a means to modernize financial markets, framing it as a fundamental infrastructure upgrade rather than a crypto-specific innovation.
The move also comes as competition intensifies in the tokenized treasury space, with multiple asset managers and fintech firms racing to capture stablecoin reserve business created by the GENIUS Act's regulatory framework.