Overview
- This week BlackRock introduced two U.S. tokenized offerings: BSTBL, an ERC‑20 share class of an existing Treasury money‑market fund on Ethereum, and BRSRV, a new daily‑reinvestment vehicle that records ownership on Ethereum, Solana and Tempo.
- Both funds invest only in cash, short‑term U.S. Treasuries and Treasury‑backed overnight repos and use transfer agents to enforce whitelisted wallets and to restrict, freeze or reissue on‑chain shares.
- BNY Mellon will serve as transfer agent for BSTBL and Securitize for BRSRV, and the products carry an institutional $3 million minimum to limit participation to verified entities.
- BlackRock says the vehicles are structured to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act but warns that SEC review, regulatory changes and blockchain or smart‑contract outages could affect future use.
- The move follows BlackRock’s 2024 BUIDL precedent and a simultaneous European rollout that tokenized 12 share classes covering $311 billion of institutional money‑market AUM via JPMorgan’s Kinexys, a step that could shift more stablecoin reserve and treasury liquidity onto blockchain rails.