BlackRock is moving deeper into digital assets with two new tokenized money market funds designed specifically for stablecoin issuers. The first, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, is a Treasury-backed fund that issues onchain shares held through approved crypto wallets. It is structured to qualify as an eligible reserve asset under the GENIUS Act, the US law governing payment stablecoins.
The second fund, the BlackRock Select Treasury Based Liquidity Fund, will issue tokenized shares of BlackRock's existing $6.9 billion Treasury liquidity fund on Ethereum.
This follows the success of BUIDL, BlackRock's tokenized Treasury fund launched in 2024, which has accumulated $2.5 billion in assets. CEO Larry Fink has predicted that all financial assets will eventually be tokenized, and the firm's Head of Crypto, Robbie Mitchnick, has outlined a 24- to 36-month roadmap for expanding tokenization utility, focusing on liquidity and regulatory hurdles.
BlackRock's scale gives it a significant advantage over competitors like Franklin Templeton and WisdomTree. However, if the firm becomes the primary reserve manager for major stablecoin issuers, any operational or regulatory issues at BlackRock could ripple across the entire stablecoin ecosystem.