BlackRock Expands Tokenized Cash Funds for Stablecoin Reserves

Money market funds invest in cash and highly liquid short-term debt, making them a core tool for corporate treasurers and asset managers seeking capital preservation, liquidity and yield. Tokenization places a digital representation of fund ownership on a blockchain while the transfer agent’s register remains the legal record, enabling approved investors to move shares outside conventional market hours or deploy them as collateral. BlackRock entered the market in March 2024 with its U.S. dollar BUIDL fund; the European expansion signals that blockchain-based cash management is moving deeper into regulated institutional finance.

BlackRock said on Aug. 4, 2026, it had launched tokenized share classes for selected European Institutional Cash Series money market funds using JPMorgan’s Kinexys infrastructure. The offering spans sterling, euro and U.S. dollar classes and sits within an ICS platform overseeing about $311 billion. Approved digital wallets can transfer the tokens around the clock with near-real-time settlement, giving corporate treasurers and asset managers another way to mobilize liquidity and collateral beyond banking hours. Access is restricted to eligible professional investors; BlackRock did not disclose how much capital had entered the new tokenized classes at launch.

The United States signed the GENIUS Act into law on July 18, 2025, establishing a federal regulatory framework and full-reserve requirements for payment stablecoins. BlackRock is consequently turning traditional assets such as cash and short-term U.S. Treasuries into onchain shares, allowing issuers and institutions to manage reserves compliantly, earn returns and accelerate settlement. The move also signals that real-world assets are entering the mainstream.

BlackRock filed with the U.S. Securities and Exchange Commission on May 8. BSTBL is an Ethereum-based onchain share class of an existing money market fund, while BRSRV is a newly established government money market fund with onchain shares supported by Securitize. BSTBL's parent fund had about $6.1 billion in assets when the filing was made, rising to $6.2715 billion by July 14. The registration's effective date has been extended to July 30.