BlackRock filed two tokenized money market funds with the SEC on May 8, pushing deeper into the $30 billion tokenized real-world asset market. One fund, BSTBL, will digitize part of a $6.1 billion treasury fund on Ethereum. The other, BRSRV, is a multi-chain fund built specifically as a yield-bearing reserve for stablecoin issuers — and it's designed to comply with the GENIUS Act.
What the filings show
BSTBL is the simpler of the two: it tokenizes a slice of an existing $6.1 billion treasury fund, putting its shares on Ethereum. BRSRV is the more ambitious play. It's multi-chain from the start and explicitly marketed as a reserve asset for stablecoin issuers. The fund's structure is calibrated to meet the requirements of the GENIUS Act, the U.S. stablecoin regulatory framework that took effect earlier this year. That means the fund's assets, liquidity profile, and redemption mechanics are all designed to qualify as compliant reserve collateral.
The stablecoin reserve angle
Stablecoin issuers have been hunting for yield-bearing reserve assets that pass regulatory muster. Most existing reserves sit in cash or Treasuries, earning near zero. BRSRV aims to give them a regulated, income-generating alternative that still counts as a liquid reserve under the GENIUS Act. BlackRock's timing lines up with growing stablecoin supply — the total tokenized RWA market has jumped $10 billion since January to over $30 billion, with more than 767,000 investors now holding tokenized assets.
Existing footprint
BlackRock isn't starting from scratch. The firm already manages roughly $65 billion in stablecoin-related reserves for various issuers. Its existing tokenized fund, BUIDL, holds $2.4 billion in assets, making it the fourth-largest tokenized fund globally. The new filings suggest BlackRock sees tokenization as a multi-product business, not a one-off experiment.
Regulatory push
Alongside the fund filings, BlackRock submitted a comment letter to the Office of the Comptroller of the Currency advocating for what it calls 'Option A' — a flexible regulatory framework with specific liquidity and maturity thresholds. One key ask: allowing same-day settling government money market funds to count toward weekly liquidity floors. That change would make funds like BRSRV more attractive to banks and stablecoin issuers that need to meet regulatory liquidity requirements.
Larry Fink's vision
BlackRock Chairman Larry Fink told shareholders in his annual letter that digital assets are essential for modernizing global finance. The new filings turn that rhetoric into product. Whether the SEC clears both funds as filed, or demands changes, will determine how quickly BlackRock can scale its tokenized asset business beyond the current $2.4 billion in BUIDL.
