BlackRock Launches Tokenized Money Market Fund on Solana and Ethereum for Stablecoin Reserves
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BlackRock's launch of a tokenized money market fund with share registration on Solana and Ethereum strengthens institutional-grade onchain financial infrastructure, aimed at stablecoin reserve management. The product is fully backed by cash and short-term U.S. Treasuries (no crypto exposure), uses whitelisting/KYC and transfer controls, and targets institutions via a $3M minimum. It signals accelerating competition as stablecoin regulation clarifies.
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BlackRock has launched a new tokenized money market fund on Solana, Ethereum, and Tempo, specifically designed for stablecoin reserve management, according to reports from CoinDesk. The fund, which adheres to Rule 2a-7 of the Investment Company Act of 1940, invests exclusively in cash, short-term U.S. Treasuries, and overnight repurchase agreements. Aimed at institutional clients with a minimum investment of $3 million, the product aligns with the U.S. GENIUS Act framework for payment stablecoins. This expansion follows the March 2024 debut of BlackRock’s BUIDL fund, which has grown to over $2.6 billion in assets. By utilizing a whitelist model for identity verification, BlackRock ensures regulatory compliance while competing with similar institutional offerings from Morgan Stanley and Fidelity in the rapidly evolving digital asset reserve space.
