BlackRock Launches Two Tokenized Funds Across Three Chains

BlackRock brought two tokenized cash vehicles to public blockchains on 3 August 2026, and the prospectus behind them had gone to the SEC only the preceding Friday, 31 July. BSTBL is a tokenized share class of the BlackRock Select Treasury-Based Liquidity Fund, a fund the firm already runs, issued on Ethereum with BNY Mellon as transfer agent and tokenization provider. BRSRV, in full the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, is new, built for institutions that operate on-chain and issued across Solana, Ethereum and Tempo, with Securitize as transfer agent and a $3 million minimum initial investment. Both portfolios hold cash, short-term US Treasuries and overnight Treasury-backed repo, in effect one-night loans secured against government paper.

A fund tokenized and a fund built for reserves

A tokenized share class means the fund's shares are recorded on a blockchain rather than only in a conventional register. The portfolio underneath does not change. The transfer agent is the firm that keeps the official record of who owns what; for BSTBL that is BNY Mellon, which also supplies the tokenization. One digest put the parent fund at $6.2 billion. No second outlet carried that figure by launch day, and we could not verify it, so it is best read as an estimate. BRSRV was built for a narrower room: it sells to whitelisted wallets whose owners have passed identity checks, and its transfer agent can restrict, freeze or revoke shares. The register is permissioned. A token moves only between holders the agent has already approved.

Who a $3 million minimum is for

An entry ticket of three million dollars says plenty about the intended buyer. Retail is out, and so is most private wealth. What is left is corporate treasuries, trading firms and stablecoin issuers, the institutions holding large cash balances that need parking somewhere short-dated and redeemable. Put the whitelisting and the freeze powers beside that minimum and the design reads clearly: these are not instruments meant to trade on an open market, they are cash-management products that happen to settle on a blockchain. BlackRock's own framing was the gap between two worlds. Its existing tokenized fund, BUIDL, launched in March 2024 and holds over $2.6 billion, while US money market funds hold over $8.4 trillion. "Cash remains a foundational building block for investors, corporations, and financial institutions," said Jon Steel, global head of product for BlackRock's cash management business.

Reserve-eligible under the GENIUS Act

BRSRV is structured to qualify as an eligible reserve asset under the GENIUS Act, the US federal stablecoin statute. A stablecoin issuer has to hold something against every token in circulation, and the statute limits what that something may be, so the eligibility label matters more than the yield. A qualifying fund lets an issuer keep its reserve in shares of a professionally run short-dated portfolio instead of only bank deposits or bills held directly. And because the shares sit on-chain, reserve can be subscribed and redeemed on the same rails and the same hours as the tokens themselves. That pitch lands in a year when issuers have already been moving reserve management under federal supervision. As of launch day the statute's implementing rules were still unfinished, with agency comment periods running into August.

Three chains, few numbers

Ethereum carries both products; Solana and Tempo carry BRSRV alone. Beyond its name, nothing about Tempo is recorded here. The gaps do not stop there. There is no launch size for either token, no figure for what has actually been subscribed, no fee schedule, no stated minimum for BSTBL and no redemption mechanics. The one asset figure on offer, the $6.2 billion for the parent fund, rests on that single source. What will show whether this works is not the launch but the balances: whether stablecoin issuers move real reserve into BRSRV once the GENIUS Act rules are final, and whether the on-chain share class draws money the same fund would not have taken in through a conventional register.