In brief
- BlackRock launched a tokenized money market fund for stablecoin reserve management.
- The fund records ownership on Solana, Ethereum, and Tempo while investing entirely in cash and short-term U.S. Treasuries.
- The product targets institutional investors as tokenized Treasury funds continue to grow.
BlackRock is expanding onto Solana with a new money market fund designed for stablecoin reserves, adding the blockchain to its list of tokenized investment products.
The world’s largest asset manager on Monday launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) alongside tokenized on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund (BSTBL).
“Cash remains a foundational building block for investors, corporations, and financial institutions,” Jon Steel, Global Head of Product and Platform for BlackRock’s Cash Management business, said in a statement. “As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets.”
In a prospectus filed with the SEC on Friday, BlackRock said ownership is recorded on Solana, Ethereum, and Tempo, with investors holding shares through approved wallets managed by transfer agent Securitize.
“The Fund issues OnChain Shares through a permissioned system that operates in connection with one or more public, permissionless blockchains, which, as of the date of this Prospectus, include Ethereum, Tempo, and Solana, and may include other supported networks in the future,” BlackRock wrote.
The fund invests entirely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries.
According to BlackRock, the fund does not invest in cryptocurrencies.
“The Fund will continue to invest in accordance with the requirements in Rule 2a-7 under the 1940 Act and the terms of this Prospectus,” BlackRock wrote. “The Fund will not invest in any digital assets, including any virtual currencies.”
Wallets must be whitelisted and tied to verified identities, allowing the transfer agent to restrict transfers or, in some cases, freeze, revoke, or reissue tokenized shares. The fund also has a $3 million minimum initial investment.
BlackRock said the fund is structured to qualify as an eligible reserve asset under the GENIUS Act, the U.S. law governing payment stablecoins. Its prospectus also notes that future regulatory changes could affect whether stablecoin issuers can continue using the fund as a reserve asset, while blockchain outages or smart contract flaws could disrupt transactions.
The launch builds on BlackRock’s broader tokenization strategy. The firm introduced the BUIDL tokenized money market fund in March 2024, which now manages more than $2.6 billion in assets.
BlackRock joins Morgan Stanley, and Fidelity, which have also introduced products aimed at stablecoin reserve management following the passage of the GENIUS Act.
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