BlackRock files for two tokenized money market funds — BSTBL on Ethereum and a new stablecoin reserve vehicle!

BlackRock filed paperwork with the SEC on May 8 to launch two tokenized money market funds, marking a major escalation in the world's largest asset manager's push to bring institutional-grade yields onto the blockchain. The first product digitizes a share class of the existing $6.1 billion BlackRock Select Treasury-Based Liquidity Fund (BSTBL), slated to debut on Ethereum with 100% allocation to cash, T-bills, and overnight government repos. The second is an entirely new vehicle — the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) — built for multi-chain deployment and explicitly designed as institutional plumbing for the crypto economy.

BRSRV is widely read as a strategic play on the incoming GENIUS Act, positioning BlackRock to serve as a compliant, yield-bearing reserve asset for stablecoin issuers. The firm already manages roughly $65 billion in stablecoin reserves…