BlackRock launches two tokenized money market funds, expanding its on-chain cash management footprint.

BlackRock announced the launch of two tokenized money market products: the on-chain share class of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) built on the Ethereum blockchain, and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). According to the announcement, BSTBL is a tokenized share class of an existing money market fund, allowing investors to transfer holdings via approved wallets while complying with regulatory requirements. BNY Mellon will serve as the transfer agent and tokenization service provider for BSTBL. BRSRV, meanwhile, is a new tokenized money market fund tailored for institutional digital asset investors, supporting daily dividend reinvestment and multi-blockchain access, and applicable to various digital asset use cases including stablecoin reserve management. Securitize will act as the transfer agent and tokenization service provider for this fund. Both products aim to generate returns for investors while maintaining liquidity and principal stability by investing in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasuries. Jon Steel, global head of product and platforms at BlackRock’s Cash Management division, noted that U.S. money market funds have surpassed $8.4 trillion in total assets, with investors consistently prioritizing liquidity, capital preservation, and yield. As demand for high-quality reserve assets rises among stablecoins and other tokenized financial products, tokenized money market funds will offer clients a new option connecting traditional finance and digital markets. Currently, BlackRock’s Cash Management Group manages nearly $1.1 trillion in cash strategy assets.