Author: Jason Nelson
Compiled by Deep潮 TechFlow
DeepChain Overview: The world’s largest asset manager, BlackRock, is moving money onto the blockchain. On Monday, BlackRock launched BRSRV, a tokenized money market fund specifically designed for stablecoin reserves, and simultaneously issued shares of its existing Treasury fund, BSTBL, on-chain. Unlike previous initiatives limited to Ethereum, this offering adds Solana and Stripe’s Tempo blockchain for ownership records, with Securitize serving as transfer agent, wallets requiring whitelisting and identity verification. The fund invests exclusively in cash, short-term U.S. Treasuries, and overnight repurchase agreements—explicitly avoiding all crypto assets—and has a minimum investment threshold of $3 million. It serves as a compliant reserve asset under the GENIUS Act while further advancing BlackRock’s 2024 BUIDL narrative into the institutional mainstream.
BlackRock launches tokenized money market fund for stablecoin reserves, with Solana included for the first time
BlackRock is expanding its operations to Solana by launching a money market fund designed for stablecoin reserves, adding this blockchain to its list of tokenized investment products.
On Monday, the world's largest asset manager launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) and simultaneously tokenized its existing BlackRock Select Treasury-Based Liquidity Fund (BSTBL) shares on-chain.
"Cash remains a foundational building block for investors, businesses, and financial institutions," said Jon Steel, Global Head of Products and Platforms for BlackRock’s Cash Management business, 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 options for accessing and utilizing money market fund solutions across both traditional and digital markets."
On-chain ownership is concentrated on Solana, Ethereum, and Tempo.
In the prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Friday, BlackRock stated that ownership records are maintained on the Solana, Ethereum, and Tempo blockchains, with investors holding shares through approved wallets managed by the transfer agent Securitize.
“The fund issues on-chain shares through a licensed system that operates in conjunction with one or more public, permissionless blockchains; as of the date of this prospectus, these chains include Ethereum, Tempo, and Solana, with additional supported networks potentially added in the future,” BlackRock wrote.
The fund invests solely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements collateralized by U.S. Treasuries. BlackRock emphasizes that the fund does not invest in any cryptocurrency assets.
“The Fund will continuously invest in accordance with Rule 2a-7 under the Investment Company Act of 1940 and the terms of this prospectus,” BlackRock wrote, “and the Fund will not invest in any digital assets, including any virtual currency.”
Start with $3 million to target compliant reserves under the GENIUS Act.
The wallet must undergo whitelist approval and be linked to a verified identity, enabling the transfer agent to restrict transfers or freeze, revoke, or reissue tokenized shares under specific circumstances. The fund also requires a minimum initial investment of $3 million.
BlackRock stated that the fund's structure is designed to meet the qualified reserve asset standards under the GENIUS Act (the U.S. regulatory framework for payment-stablecoins). The prospectus also notes that future regulatory changes could affect whether stablecoin issuers can continue to use this fund as reserve assets, and that blockchain disruptions or smart contract vulnerabilities could disrupt transactions.
From BUIDL to BRSRV: BlackRock’s Tokenization Landscape
This release builds on BlackRock’s broader tokenization strategy. The company launched its tokenized money market fund, BUIDL, in March 2024, and its assets under management have now exceeded $2.6 billion.
After the GENIUS Act passed, BlackRock joined Morgan Stanley and Fidelity, both of which have also launched products for stablecoin reserve management.
Epilogue: When "Shadow Banking" Meets On-Chain Settlement
From BUIDL to BSTBL to BRSRV, BlackRock has gradually moved the traditional finance industry’s “cash hub”—money market funds—onto the blockchain within less than two and a half years, expanding the network from Ethereum to Solana and Tempo. For stablecoin issuers, this means a compliant, transparent, and on-chain settlement channel for reserve assets is taking shape. For the entire RWA sector, the continued investment by asset management giants is transforming “on-chain treasuries” from proof-of-concept into institutional-grade infrastructure. As the largest pools of capital begin to flow in tokenized form, the foundational pipelines of finance may be quietly rewritten.