BlackRock Launches Tokenized Money Market Fund BRSRV on Solana, Ethereum and Stripe's Tempo

BlackRock is taking another step in bringing cash products onchain. On Monday, the world's largest asset manager launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a tokenized money market fund built specifically for stablecoin reserve management, and also issued onchain shares of its existing BlackRock Select Treasury-Based Liquidity Fund (BSTBL). The rollout expands beyond earlier Ethereum-only efforts. In a prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Friday, BlackRock said ownership records for the funds are maintained across Solana, Ethereum and Stripe's Tempo blockchain. Investors hold shares via approved wallets administered by Securitize, the transfer agent, with access gated by whitelisting and identity verification. "Cash remains a foundational building block for investors, businesses, and financial institutions," Jon Steel, Global Head of Products and Platforms for BlackRock's Cash Management business, said in a statement. He added that demand is rising for high-quality reserve assets to back stablecoins and other tokenized financial products. BlackRock said BRSRV invests exclusively in cash, short-term U.S. Treasury securities and overnight repurchase agreements collateralized by U.S. Treasuries. The firm emphasized the fund does not invest in any cryptocurrency or other digital assets, and will operate in line with Rule 2a-7 under the Investment Company Act of 1940. The prospectus outlines additional controls typical of compliant onchain fund structures: wallets must be approved and tied to a verified identity, enabling the transfer agent to restrict transfers or, in certain cases, freeze, revoke or reissue tokenized shares. The minimum initial investment is $3 million. BlackRock said the vehicle is designed to meet the "qualified reserve asset" standards under the GENIUS Act, the U.S. regulatory framework for payment stablecoins. The filing also warns that regulatory changes could affect whether stablecoin issuers may continue to treat the fund as an eligible reserve asset, and that blockchain outages or smart-contract vulnerabilities could disrupt transactions. The launch builds on BlackRock's broader tokenization push. The firm introduced its tokenized money market fund BUIDL in March 2024, and assets under management have since topped $2.6 billion. Following passage of the GENIUS Act, BlackRock joins Morgan Stanley and Fidelity in rolling out products aimed at stablecoin reserve management. From BUIDL to BSTBL to BRSRV, BlackRock has increasingly moved money market funds—a core cash-management instrument in traditional finance—onto public blockchains, extending its footprint from Ethereum to Solana and Tempo. For stablecoin issuers, the approach offers a more transparent, onchain settlement path for reserves. For the wider RWA market, the continued commitment from major asset managers is pushing "onchain Treasuries" from pilots toward institutional-grade infrastructure.