BlackRock tokenized money market funds launch on Ethereum, not confirmed Solana

BlackRock tokenized money market funds have been introduced with a confirmed Ethereum product, but the available reporting does not confirm a Solana launch. For investors following tokenization, the key distinction is that one product is an onchain share class of an existing fund, while the other is a new vehicle described only as available across multiple blockchains.

BlackRock introduced the two offerings on Aug. 3, according to CoinDesk. The rollout follows filings reported in May by Bloomberg for products aimed at investors holding cash through stablecoins and crypto wallets.

Are BlackRock’s tokenized money market funds on Solana and Ethereum?

The BlackRock Select Treasury Based Liquidity Fund, known as BSTBL, has a tokenized share class on Ethereum, CoinDesk reported. The fund itself already existed; BlackRock has added blockchain-based shares alongside its traditional share classes rather than creating an entirely new BSTBL fund.

BlackRock’s other product is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV. It is a newly introduced tokenized money-market vehicle with access across multiple blockchains, CoinDesk reported. Neither CoinDesk nor the earlier Bloomberg reporting named Solana among those networks. That means the evidence supports an Ethereum-based BSTBL share class, but not the claim that either product has launched on Solana.

What are the two BlackRock products?

• BSTBL: A tokenized share class on Ethereum tied to BlackRock’s existing Select Treasury Based Liquidity Fund. Bloomberg reported in May that the fund was roughly $6.1 billion and invested in cash, U.S. Treasury bills and notes, and other securities maturing in 93 days or less.
• BRSRV: A newly created tokenized money-market vehicle with daily dividend reinvestment and multiblockchain access, according to CoinDesk. Securitize is its transfer agent and tokenization provider.

Tokenization refers to placing a representation of a traditional financial asset, such as a fund share or bond, on a blockchain. In this case, the blockchain component applies to the fund shares or vehicle access, while the underlying product remains a money-market offering. CoinDesk reported that advocates of tokenization say it can improve settlement speed, enable around-the-clock trading and increase transparency.

BlackRock said both funds intend to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act, CoinDesk reported. The available reporting does not establish access terms for individual investors or state the products’ yields.

How does this compare with BUIDL?

The new offerings extend BlackRock’s earlier work in tokenized funds. The firm launched the BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL, with Securitize in 2024. CoinDesk reported that BUIDL had grown to roughly $2.5 billion in assets.

BRSRV’s daily dividend reinvestment is a feature reported by CoinDesk. Investors looking for the broader mechanics of a dividend can read how dividends work, though the reporting on BRSRV does not specify its operational details or payment terms.

For now, the clearest takeaway is narrow: BlackRock has expanded its tokenized cash products, Ethereum is confirmed for BSTBL, and BRSRV is multichain without a publicly identified list of supported networks in the available reports.

This story draws on original reporting from Decrypt.