BlackRock has announced a new tokenized money market fund on the Ethereum network, expanding its stablecoin reserves. The firm launched two blockchain-based money market funds (MMFs), BSTBL and BRSRV, which aim to preserve liquidity and principal stability by investing in cash, short-term US Treasuries, and ultrashort repurchase agreements.
“Cash remains a foundational building block for investors, corporations, and financial institutions,” said Jon Steel, Global Head of Product and Platform for BlackRock’s Cash Management business. “U.S. money market funds have grown to more than $8.4 trillion in assets1 as investors continue to prioritize liquidity, capital preservation, and the potential for yield. As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets.”
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The US money market fund market has grown to more than $8.4 trillion. BlackRock’s cash management group oversees about $1.1 trillion of cash assets for companies, banks, insurers and public funds.
