BlackRock Launches Tokenized Money Market Fund on Solana and Ethereum
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- BlackRock launched a new tokenized money market fund called BRSRV for stablecoin reserve management.
- The fund records ownership on Solana, Ethereum, and Tempo blockchains.
- BlackRock also launched on chain shares of its existing BSTBL Treasury liquidity fund.
- The fund invests only in cash, short term Treasuries, and repurchase agreements, not digital assets.
- The product is built to qualify as a reserve asset under the GENIUS Act.
BlackRock has launched a new tokenized fund aimed at companies that manage stablecoin reserves. The fund is called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV.
The asset manager announced the launch on Monday. It also introduced tokenized shares of an existing fund, the BlackRock Select Treasury Based Liquidity Fund, known as BSTBL.
This marks BlackRock’s first use of Solana for a tokenized fund. The firm had already been using Ethereum for similar products.
Ownership Recorded Across Three Blockchains
According to a prospectus filed with the SEC, ownership of the new fund is recorded on Solana, Ethereum, and Tempo. Tempo is a blockchain built for payments and stablecoins.
Investors will hold their shares through wallets approved by Securitize, which acts as the transfer agent for the fund.
BlackRock said the system is permissioned. This means wallets must be verified and whitelisted before an investor can hold shares.
The transfer agent can restrict transfers if needed. In some cases, it can freeze, revoke, or reissue shares.
Jon Steel, who leads BlackRock’s cash management product and platform team, said cash remains a basic building block for investors and financial institutions. He said the new funds give clients more ways to access money market investments across both traditional and digital markets.
Fund Holds Only Cash and Treasuries
Despite using blockchain technology, the fund does not touch cryptocurrency directly. BlackRock said it invests only in cash, short term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries.
The company stated clearly in its filing that the fund will not invest in any digital assets, including virtual currencies.
The fund also has a minimum initial investment of three million dollars. This suggests the product is aimed at institutions rather than individual investors.
BlackRock said the fund is structured to qualify as an eligible reserve asset under the GENIUS Act. That law sets rules for how payment stablecoins must be backed in the United States.
The filing noted some risks. Future regulatory changes could affect whether stablecoin issuers can keep using the fund as a reserve asset.
Blockchain outages or flaws in smart contracts could also disrupt transactions, according to the filing.
This launch builds on BlackRock’s earlier tokenization work. The firm’s BUIDL fund, launched in March 2024, now manages more than 2.6 billion dollars in assets.
Other large financial firms have introduced similar products. Morgan Stanley and Fidelity have both rolled out offerings aimed at stablecoin reserve management since the GENIUS Act passed.
The move shows how major asset managers are building infrastructure around stablecoin regulation. Reserve funds like BRSRV are designed to meet the specific requirements stablecoin issuers now face under U.S. law.
BlackRock has not said whether it plans to add more blockchains to the fund in the future. The prospectus does note that other supported networks may be added later.