BlackRock launches BSTBL and BRSRV tokenized money market funds on Ethereum and multiple blockchains

BlackRock filed SEC registration statements for two new tokenized money market funds, BSTBL and BRSRV, on May 8, 2026, each targeting a different corner of the on-chain economy with one clear goal: giving crypto users access to Treasury yields without leaving the blockchain. Two funds, two strategies BSTBL is an Ethereum-based share class of BlackRock’s existing Select Treasury Based Liquidity Fund, which manages approximately $6.1 to $7 billion in cash and short-term US Treasury investments. The new ERC-20 share class carries fees of 0.27% after waivers, with BNY Mellon serving as the transfer agent. BRSRV was built from scratch as a multi-chain tokenized money market vehicle. Its defining feature is that it’s specifically engineered for stablecoin reserve eligibility, holding cash and short-term Treasury assets that could qualify as backing for regulated stablecoins. Why stablecoin holders should pay attention Regulatory frameworks in both the US and EU have generally prohibited stablecoins from passing interest through to users. Both BSTBL and BRSRV are structured under the Investment Company Act of 1940, the same regulatory framework governing traditional mutual funds. That cla...