BlackRock filed for two new tokenized money market funds on Ethereum and other blockchains, giving crypto users direct access to Treasury yields without touching traditional finance rails. The moves, BSTBL and BRSRV, represent the asset management giant's push deeper into the on-chain economy after its BUIDL fund hit $2.5 billion in assets.

BSTBL is an Ethereum-based share class of BlackRock's existing Select Treasury Based Liquidity Fund, which manages between $6.1 and $7 billion in cash and short-term Treasury investments. The token carries a 0.27% fee after waivers, with BNY Mellon handling transfers. BRSRV was built from the ground up as a multi-chain vehicle specifically engineered to back regulated stablecoins, holding the same Treasury assets and cash.

Why This Matters for Stablecoin Issuers

Current regulatory frameworks in the US and EU block stablecoins from paying interest directly to holders. BlackRock sidestepped that constraint by structuring both funds under the Investment Company Act of 1940, the same rule governing traditional mutual funds. That classification lets them distribute daily yields straight to on-chain wallets, something stablecoins themselves cannot legally do. As one executive explained, this opens a direct path for stablecoin reserve eligibility while keeping crypto native users on blockchain networks.

The 0.27% fee sits squarely in the middle of what traditional money market funds charge, typically ranging from 0.10% to 0.50%. BlackRock's tokenized offering is competitively priced against Franklin Templeton, WisdomTree, and other traditional finance players who have already launched their own crypto-linked products.

Both funds remain awaiting full SEC approval as of mid-2026 after Form 485APOS registration statements hit the regulator's desk on May 8. The timing comes roughly two years after BUIDL's March 2024 launch, signaling BlackRock's confidence in the tokenized fund category even as broader crypto adoption still faces headwinds.

This article is informational and should not be treated as financial or investment advice. Regulatory status and product features may change.