BlackRock launches 2 tokenized funds on Solana, Ethereum for stablecoin reserves

BlackRock is putting its $15 trillion balance sheet behind tokenized money market funds, filing with the SEC to issue shares on Solana, Ethereum, and Tempo.

BlackRock filed with the SEC to issue tokenized fund shares across Solana, Ethereum, and Tempo, launching two money market products designed to back regulated stablecoins under the GENIUS Act.

"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. "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."

The new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) invests entirely in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries, with a $3 million minimum initial investment. A second product, BSTBL, offers tokenized on-chain shares of BlackRock's existing Select Treasury-Based Liquidity Fund on Ethereum. Securitize serves as transfer agent, with wallets whitelisted and tied to verified identities.

The filing extends BlackRock's tokenization strategy beyond its BUIDL fund, which has accumulated more than $2.6 billion since its March 2024 launch. With roughly $15 trillion in assets under management, BlackRock's decision to structure BRSRV as a GENIUS Act-eligible reserve asset could redirect a meaningful share of stablecoin issuer collateral onto public blockchains.

The fund's prospectus, filed with the SEC on Friday, states that ownership is recorded through a permissioned system operating on public, permissionless blockchains including Ethereum, Tempo, and Solana. BlackRock explicitly noted the fund will not invest in any digital assets, including virtual currencies, and will continue to operate under Rule 2a-7 of the 1940 Act.

GENIUS Act Opens the Door for Institutional Reserve Assets

The GENIUS Act, the U.S. law governing payment stablecoins, requires issuers to hold eligible reserve assets. BlackRock structured BRSRV specifically to qualify under this framework, making the fund a compliant vehicle for stablecoin issuers seeking yield on reserves. The prospectus also flags risks: future regulatory changes could affect whether stablecoin issuers can continue using the fund as a reserve asset, and blockchain outages or smart contract flaws could disrupt transactions.

Institutional Tokenization Accelerates

BlackRock joins Morgan Stanley and Fidelity, which have also introduced products aimed at stablecoin reserve management following the GENIUS Act's passage. The filing lands alongside Morgan Stanley's Ethereum ETF launch, part of a broader pattern of major financial firms choosing public blockchains for cash management infrastructure. On-chain data suggests long-term holders have continued accumulating while retail trading activity has cooled, with earlier waves of forced selling largely worked through the market.

The move could boost Solana's credibility as institutional infrastructure, adding a second major blockchain to BlackRock's tokenized fund lineup after Ethereum. For stablecoin issuers, the availability of a GENIUS Act-aligned, SEC-registered money market fund on public blockchains represents a structural shift in how reserve assets are held and managed.

This article is for informational purposes only and does not constitute investment advice.