Original Author: Jason Nelson
Original Compilation: Deep Tide TechFlow
Deep Tide Insight: The world's largest asset manager, BlackRock, is moving 'money' on-chain. This Monday, BlackRock launched the tokenized money market fund BRSRV, specifically designed for stablecoin reserves, and simultaneously issued tokenized on-chain shares of its existing treasury fund BSTBL. Unlike previous efforts focused solely on Ethereum, this time ownership records have been added to Solana and the Stripe-affiliated public chain, Tempo, with Securitize acting as the transfer agent. Wallets require whitelisting and real-name verification. The fund invests only in cash, short-term US Treasuries, and overnight repos, explicitly avoiding any crypto assets, with a minimum investment of $3 million—it serves both as compliant reserve assets under the GENIUS Act and further pushes the tokenization narrative that BlackRock began with BUIDL in 2024 into deeper institutional waters.

BlackRock Launches Tokenized Money Market Fund for Stablecoin Reserves, First Time Including Solana
BlackRock is expanding its reach to Solana, launching a money market fund designed for stablecoin reserves and adding this public chain to its list of tokenized investment products.
This Monday, the world's largest asset manager launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) and simultaneously issued tokenized on-chain shares of its existing BlackRock Select Treasury-Based Liquidity Fund (BSTBL).
"Cash remains a foundational building block for investors, businesses, and financial institutions," said Jon Steel, BlackRock's Global Head of Product & Platform for Cash Management, in a statement. "As demand grows for high-quality reserve assets to back stablecoins and other tokenized financial products, these funds provide more options for clients to access and use money market fund investment solutions across both traditional and digital markets."
On-Chain Ownership Recorded on Solana, Ethereum, and Tempo
In a prospectus filed with the US Securities and Exchange Commission (SEC) on Friday, BlackRock stated that ownership records are maintained on three public chains: Solana, Ethereum, and Tempo. Investors hold shares through approved wallets managed by the transfer agent, Securitize.
"The Fund issues on-chain shares through a permissioned system that operates in conjunction with one or more public, permissionless blockchains; as of the date of this prospectus, these blockchains include Ethereum, Tempo, and Solana, and may include other supported networks in the future," BlackRock wrote.
The fund invests entirely in cash, short-term US Treasury securities, and overnight repurchase agreements collateralized by US Treasuries. BlackRock emphasized that the fund does not invest in any crypto assets.
"The Fund will invest continuously under Rule 2a-7 of the Investment Company Act of 1940 and in accordance with the terms of this prospectus," BlackRock wrote. "The Fund will not invest in any digital assets, including any virtual currency."
$3 Million Minimum Investment, Targeting Compliant Reserves Under GENIUS Act
Wallets must undergo whitelist review and be linked to verified identities, allowing the transfer agent to restrict transfers or, under specific circumstances, freeze, revoke, or reissue tokenized shares. The fund also has a minimum initial investment of $3 million.
BlackRock stated that the fund's structure is designed to meet the qualified reserve asset standards under the GENIUS Act (the US law regulating payment stablecoins). Its prospectus also notes that future regulatory changes could affect whether stablecoin issuers can continue to use the fund as a reserve asset, and that blockchain disruptions or smart contract flaws could disrupt transactions.
From BUIDL to BRSRV: BlackRock's Tokenization Blueprint
This launch builds upon BlackRock's broader tokenization strategy. The company launched the tokenized money market fund BUIDL in March 2024, which now has assets under management exceeding $2.6 billion.
Following the passage of the GENIUS Act, BlackRock joined the ranks of Morgan Stanley and Fidelity, which have also launched products for stablecoin reserve management.
Conclusion: When the 'Shadow Banking' System Meets On-Chain Settlement
From BUIDL to BSTBL and now BRSRV, BlackRock has, in less than two and a half years, gradually moved the money market fund—the "cash hub" of traditional finance—on-chain, expanding its network from Ethereum all the way to Solana and Tempo. For stablecoin issuers, this signifies the formation of a compliant, transparent, and on-chain-settlable channel for reserve assets. For the entire RWA sector, the continued bets by major asset managers are pushing "on-chain treasuries" from proof-of-concept toward institutional-grade infrastructure. When the largest pools of money begin to flow in the form of tokens, the underlying pipelines of finance may be quietly rewritten.







