BlackRock is taking another major step toward bringing traditional finance further onto blockchain networks. On Monday, 3 August 2026, the world’s largest asset manager launched two tokenized money market products, expanding its on-chain cash management strategy across three public blockchains. Both funds were first filed with the U.S. Securities and Exchange Commission on 8 May 2026.
The move is notable because this form of tokenized money is not built around volatile crypto assets. The underlying portfolios hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. BlackRock is explicit on this point in the fund prospectus, stating that the fund will not invest in any digital assets, including virtual currencies, and will continue to invest in accordance with Rule 2a-7 under the Investment Company Act of 1940. The blockchain infrastructure changes how interests in those traditional assets are issued, transferred, and managed, not what the fund actually owns.
“Cash remains a foundational building block for investors, corporations, and financial institutions,” said Jon Steel, Global Head of Product and Platform for BlackRock’s Cash Management business, in a statement accompanying the launch. Steel added that as demand grows for high-quality reserve assets supporting stablecoins and other tokenized financial products, the funds give clients additional choice in how they access money market fund solutions across traditional and digital markets.
Inside BlackRock’s two new tokenized money products
The two tokenized money products serve different purposes and sit on different networks.
- BlackRock Select Treasury Based Liquidity Fund (BSTBL) is an existing BlackRock money market fund holding roughly $6.1 billion in assets, which invests in cash, U.S. Treasury bills, notes, and other securities with maturities of 93 days or less. What is new is a tokenized share class of that fund issued on Ethereum, operating alongside the existing traditional share classes rather than replacing them. BNY Mellon serves as the tokenization partner.
- BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) is a newly created tokenized money market fund with daily dividend reinvestment, aimed at institutions that manage capital through crypto wallets and stablecoins rather than traditional brokerage accounts. It is the multi-chain product: BlackRock’s prospectus states that the fund issues on-chain shares through a permissioned system operating in connection with Ethereum, Tempo, and Solana, with the possibility of further networks later.
Securitize acts as transfer agent for the on-chain shares, the same firm that built BlackRock’s BUIDL fund in 2024.
The inclusion of Tempo, Stripe’s blockchain, is worth noting alongside the addition of Solana. BlackRock’s earlier tokenization work centered heavily on Ethereum, and extending to a payments-company chain signals a broader assessment of which networks can serve as institutional settlement infrastructure.
Tokenized money on permissioned rails, not open DeFi
An important distinction that is easy to miss: tokenized money of this kind does not operate like a permissionless DeFi protocol.
Wallets must be whitelisted and tied to verified identities, and the transfer agent retains the ability to restrict transfers. The minimum investment is $3 million, placing the products firmly in institutional territory. In other words, the blockchain here is a settlement and record-keeping layer operating inside a compliance perimeter, not an open market anyone can enter.
Why does tokenized money matter for stablecoin reserves?
That stablecoin connection may be the most consequential part of the announcement.
The U.S. stablecoin market is entering a more regulated phase, making reserve management a substantially larger institutional opportunity. Under the GENIUS Act, eligible reserve assets can include certain money market funds, including those issued in tokenized form. BRSRV is designed specifically to qualify as a GENIUS Act-eligible asset, positioning it to serve as reserve backing for regulated stablecoin issuers.
The scale of that opportunity is significant. Stablecoins now represent over 14% of the total crypto market, accounting for roughly $305 billion in capital, and issuers have increasingly parked backing assets in tokenized Treasury products rather than traditional bank accounts. Rather than holding reserves in conventional accounts, issuers can hold them in BlackRock’s tokenized funds directly on-chain.
Building on BUIDL: BlackRock’s tokenized money track record
BlackRock’s earlier BUIDL fund established this direction. Launched in 2024 with Securitize, the BlackRock USD Institutional Digital Liquidity Fund holds cash, U.S. Treasury bills, and repurchase agreements, representing investor shares as blockchain tokens that settle around the clock. It now holds approximately $2.58 billion, was rated AAA-mf by Moody’s in 2026, the agency’s top grade for a tokenized money market product and has expanded from Ethereum across eight networks including Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos and BNB Chain.
Across all its tokenized products, BlackRock now manages roughly $2.93 billion in on-chain assets, with Ethereum accounting for around $1.1 billion of that total.
The latest products take the strategy further by targeting liquidity management and the specific reserve requirements of stablecoin issuers, rather than general institutional Treasury exposure.
What does this signal for tokenized money?
Rather than creating an entirely new investment product, BlackRock’s approach to tokenized money involves putting established financial instruments on-chain and testing what blockchain-based settlement adds. Faster transactions, round-the-clock availability, and the ability to integrate holdings into digital financial systems are the practical advantages driving institutional interest.
The multi-chain choice also feeds the competition between networks to become the infrastructure layer for real-world financial assets. Ethereum remains the most established venue for institutional tokenization, Solana has attracted attention for throughput and cost, and Tempo’s inclusion introduces a payments-native contender.
The launch also arrives amid a wider institutional push. Securitize expanded its Tokenized AAA CLO Fund (STAC) to Solana roughly a month earlier, supported by a $250 million commitment from Ethena, one of the largest single investments in tokenized structured credit on that network to date.
Tokenized money still carries real risk.
Growing adoption of tokenized money market products does not remove financial market risk, and moving fund interests onto blockchain networks introduces technological and operational considerations alongside the benefits. Questions around security, custody, compliance, and infrastructure reliability remain material as more institutions enter the space. Institutional participation lends credibility to the technology, but it also raises expectations about how securely and efficiently these products operate.
For BlackRock, the launch appears less about turning a traditional product into a crypto product and more about connecting established finance to digital infrastructure, testing whether public blockchains can serve as practical rails for managing large pools of conventional capital.
If demand for on-chain liquidity keeps growing, tokenized money could become a durable link between traditional finance and digital assets. The open question is how quickly other asset managers, banks, and stablecoin issuers follow.