Today, BlackRock expanded its cash management strategy with the launch of two tokenized money market products: OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (“BSTBL”) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (“BRSRV”).
The new products combine BlackRock’s money market capabilities with blockchain-based infrastructure while maintaining the liquidity and stability, investors expect from regulated money market funds.
“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.”
BSTBL introduces a tokenized share class on the Ethereum blockchain of an existing money market fund. The OnChain Shares extend a scaled cash management strategy into a digital format and can be transferred between approved investor wallets, subject to applicable law. BNY serves as a transfer agent and tokenization provider for the BSTBL OnChain Shares.
BRSRV is a newly launched tokenized money market fund designed for digitally native institutional investors. The fund includes features such as daily dividend reinvestment and multi-blockchain accessibility and can be used for a range of digital asset use cases, including stablecoin reserve management. Securitize serves as BRSRV’s transfer agent and tokenization provider.
Both funds seek current income consistent with liquidity and stability of principal by investing in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasury securities, and the investment strategy of both funds intends to makes them “eligible reserve assets” for permitted U.S. payment stablecoin issuers under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”).
BlackRock’s Cash Management Group oversees nearly $1.073 trillion in cash strategies for a diverse range of investors, including corporations, banks, foundations, insurance companies, and public funds.2
About BlackRock
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Important Information:
You should consider the investment objectives, risks and expenses of the Funds carefully before investing. The Funds’ prospectuses and, if available summary prospectuses, contain this and other information about the Funds and are available by calling our Client Service Center at 800-441-7450 or by visiting www.blackrock.com/cash. Please read the prospectuses carefully before investing.
You could lose money by investing in the Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in the Funds is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor is not required to reimburse a Fund for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.
Investing involves risk, including possible loss of principal.
The following is a description of certain risks of investing in the Funds, including risks related to the use of blockchain technologies. The order of the below risk factors does not indicate the significance of any particular risk factor. Additional risks and more information can be found in its respective prospectus.
Blockchain Technology Risk — Blockchain technology is a relatively new and untested technology that operates as a distributed ledger. There are risks associated with the Funds’ issuance, redemption, transfer, and recordkeeping of OnChain Shares on a blockchain, and these risks may not fully emerge until the technology becomes more widely used. Transactions in OnChain Shares on the blockchain are subject to associated risks including regulatory, technical, operational, privacy and security risks.
Experience with Digital Securities — The Funds are one of the few registered funds to issue OnChain Shares in the form of digital securities. Given the novel nature of such digital asset security issuance in this format, the Funds, BlackRock and the Transfer Agent are to be considered as having limited experience using blockchain technology to maintain records and facilitate transactions in the interests of a registered fund that issues digital securities. Accordingly, there may be an increased risk of errors or unauthorized transactions involving OnChain Shares. Any such errors or unauthorized transactions could adversely affect the Funds.
Blockchain Regulatory Risk — The regulation of digital assets (such as OnChain Shares) and related products and services continues to evolve, may take many different forms and will, therefore, impact digital assets and their usage in a variety of manners. Ongoing and future regulatory actions with respect to digital assets could alter, perhaps to a materially adverse extent, the nature of an investment in OnChain Shares, the ability of shareholders to engage in transactions in OnChain Shares or the ability of the Funds to continue to operate.
Stablecoin Regulatory Risk — The Funds intend to operate such that its OnChain Shares will be “eligible reserve assets” for payment stablecoin issuers under a U.S. law enacted in July 2025 designed to establish a framework for regulation of such issuers and any regulation adopted thereunder (the “GENIUS Act”). However, aspects of the GENIUS Act remain unclear and subject to interpretation, and federal regulators, including the Office of the Comptroller of the Currency (OCC) and the U.S. Department of the Treasury, are developing implementing standards that have not been finalized as of the date of this Prospectus. Changes in, or new interpretations of, the GENIUS Act or related rules could affect the types of instruments the Funds are permitted to hold under that framework or the methods by which the Funds implement their investment strategy, including operational processes tied to its permissioned use of public blockchains for OnChain Shares. These developments could require the Funds to adjust portfolio holdings or modify operational practices and could adversely affect the Funds or their shareholders.
BlackRock is not making any recommendation or soliciting any action based upon the information contained herein. This information is furnished to you with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment in any jurisdiction; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of BlackRock’s view as to whether an investment is appropriate for you and meets your financial objectives.
Distributed by BlackRock Investments, LLC, Member FINRA.
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| 1 Securities Exchange Commission as of May 2026 | |
| 2 as of March 2026 About BlackRock Cash Management | BlackRock | |
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