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BlackRock Expands Tokenized Cash With Ethereum Fund

BlackRock is linking its money market funds to Ethereum and multiple blockchains. The products are also meant to work as reserve assets for U.S. stablecoin issuers under the GENIUS Act.

By Mike Hesp
• 2 min read
BlackRock Expands Tokenized Cash With Ethereum Fund

Key Takeaways

  • BlackRock is expanding its tokenized cash platform with two blockchain-based money market products.
  • BSTBL is a tokenized Ethereum class of an existing money market fund, while BRSRV offers daily dividend reinvestment and multichain access.
  • BlackRock sees the funds as possible reserve assets for U.S. stablecoin issuers under the GENIUS Act.

BlackRock has added two new blockchain-based money market products to its tokenized cash platform. The move gives the world’s largest asset manager a bigger foothold in stablecoin reserves and tokenized finance, as digital settlement and onchain liquidity continue to gain traction.

New Tokenized Funds

The first product is the BlackRock Select Treasury Based Liquidity Fund, or BSTBL, a tokenized class on Ethereum tied to an existing money market fund. BlackRock also rolled out the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, which includes daily dividend reinvestment and support across multiple blockchains.

BlackRock submitted both products to the U.S. Securities and Exchange Commission in May. The company says each fund is designed to qualify as an eligible reserve asset for U.S. stablecoin issuers covered by the GENIUS Act.

Stablecoin Reserves in Focus

The law, which took effect in July 2025, creates a federal framework for stablecoins in the United States and requires issuers to hold reserves equal to or greater than the amount of stablecoins in circulation at all times. It allows reserve assets including U.S. dollars, demand deposits at insured banks, short-term U.S. Treasuries, and overnight repos backed by qualifying Treasuries.

BlackRock’s latest move fits neatly with the rising demand for high-quality reserve assets in crypto. The company previously said it manages $60 billion (€52.2 billion) in reserves for Circle, which is roughly a quarter of the $300 billion (€261 billion) stablecoin market.

Why This Matters

For European crypto readers, the update is another sign that major traditional asset managers are connecting tokenized products to the infrastructure behind stablecoins. That could shape how liquidity, collateral, and fund structures evolve over the next few years, especially as more firms look for regulated ways to get onchain exposure.

BlackRock's Cash Management Group now manages nearly $1,073 trillion (€0.9 trillion) in cash strategies for companies, banks, foundations, insurers, and public funds. According to top executive Jon Steel, the expansion gives clients more ways to use money market funds across both traditional and digital markets.

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