BlackRock Chases the Stablecoin Boom With Two On-Chain Cash Funds
BlackRock introduced two tokenized money market products on 3 August 2026, expanding its blockchain-based cash platform. The funds target stablecoin issuers and crypto-native clients, a market where BlackRock already manages about $60 billion in reserves for Circle.
BlackRock launches two tokenized money market products
BlackRock, the world's largest asset manager, expanded its tokenized cash platform on 3 August 2026. The firm introduced two blockchain-based money market fund (MMF) products aimed at stablecoin issuers and crypto-native clients. The first is a tokenized share class for the existing BlackRock Select Treasury Based Liquidity Fund, ticker BSTBL. The second is a new fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, ticker BRSRV. BlackRock filed for both products with the U.S. Securities and Exchange Commission (SEC) in May 2026.
The two funds run on different blockchain networks
BSTBL issues its tokenized shares only on the Ethereum blockchain, alongside its traditional share classes. BRSRV uses a wider set of networks. BlackRock plans to issue BRSRV tokens across multiple blockchains, targeting clients who operate mainly through crypto wallets. The new vehicle invests in cash, ultra-short U.S. Treasuries, and overnight repurchase agreements backed by government securities. Both products let holders keep reserve assets on-chain instead of in traditional accounts.
BlackRock already manages large stablecoin reserves
BlackRock already holds a large position in the stablecoin market. The firm manages about $60 billion in reserves for Circle, the issuer of the USDC stablecoin. That sum represents about a quarter of the roughly $300 billion stablecoin market. Chief Financial Officer (CFO) Martin Small set out that position on the company's second-quarter 2026 earnings call.
"We already manage $60 billion of reserves for Circle, representing about a quarter of the $300 billion stablecoin market. We see lots of growth ahead in stablecoin and we want to be the reserve manager of choice.", 3 August 2026. — Martin Small, Chief Financial Officer, BlackRock
USDC trades near its dollar peg
USDC traded at $1.00 at the time of publication, with a market value of about $71.9 billion (CoinPaprika, 3 August 2026). That figure shows the scale of reserves that back a single major stablecoin. Demand for such reserves is what BlackRock's new products aim to capture.
The products extend BlackRock's cash management business
BlackRock's Cash Management group oversees nearly $1.073 trillion in cash strategies. The broader U.S. money market fund industry holds more than $8.4 trillion in assets. The new tokenized products give institutional clients another route into that market through blockchain rails.
"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.", 3 August 2026. — Jon Steel, Global Head of Product and Platform, BlackRock Cash Management
BlackRock targets more digital asset revenue by 2030
BlackRock has set a goal of $500 million in annual digital asset revenue by 2030, according to Small. The new funds also follow the GENIUS Act, U.S. legislation signed in 2025 that set reserve standards for payment stablecoins. Those rules require issuers to back tokens with cash and short-dated government assets. BlackRock designed BSTBL and BRSRV to hold those instruments, which places the funds close to the demand from stablecoin issuers.
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