BlackRock files SEC for tokenized money market funds on Ethereum and stablecoin reserves

BlackRock has filed with the U.S. SEC to expand its tokenized money market funds, targeting greater institutional access to on-chain “cash” yield and positioning around potential stablecoin policy constraints. The May 8 filings cover two vehicles: (1) a digitized share class for the BlackRock Select Treasury-Based Liquidity Fund (BSTBL, ~$6.1B) and (2) a new, multi-chain BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). The tokenized money market funds plan keeps a conservative structure. The tokenized BSTBL will be issued on Ethereum (ETH) and hold 100% in cash, U.S. Treasury bills, and overnight government-secured repo, with a dollar-weighted average maturity of 60 days or less. BRSRV is designed as a stablecoin reserve, investing only in short-term U.S. government obligations under 93 days, with an interoperability focus across chains. Separately, BlackRock is aligning with the GENIUS Act stablecoin framework and, in a comment letter to the OCC, supported “Option A,” including a quantitative liquidity safe harbor (10% daily / 30% weekly), a 40% concentration limit, and a 20-day weighted average maturity cap—rules that could benefit reserve-style products like BRSRV. For traders, this reinforces the RWA/stablecoin liquidity narrative and adds institutional demand for compliant, yield-bearing tokenized cash. While neither fund has SEC approval or a launch date yet, the Ethereum linkage (for BSTBL) can support risk sentiment around ETH if the filings progress.