• BlackRock rolled out two tokenized money market products on Monday, including a tokenized share class of its Treasury liquidity fund on Ethereum and a new reserve vehicle for stablecoin issuers.
• The new BRSRV fund is designed to be an eligible reserve asset under the GENIUS Act, giving BlackRock more skin in the stablecoin game.
• Analysts say the Senate floor vote on the CLARITY Act is still not on the calendar, while prediction markets put the odds of passage this year at about 30%.

BlackRock (BLK) on Monday launched two tokenized money market funds, deepening its push into blockchain-based cash products for stablecoin issuers and crypto-native investors.

The BlackRock Select Treasury Based Liquidity Fund (BSTBL) now has a tokenized share class issued on Ethereum (ETH), with BNY Mellon (BNY) as transfer agent and tokenization provider, the company stated.

A second vehicle, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), was launched, with Securitize (SECZ) as transfer agent and tokenization provider, and intends to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.

"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,” said Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business. 

From BUIDL To BSTBL

BlackRock first disclosed the products during its second-quarter earnings call last month, when Chief Financial Officer (CFO) Martin Small had said the filings were "about bringing BlackRock's core cash management capabilities to where digital assets clients are already operating." Small added that as stablecoins and digital wallets grow, "clients will need high-quality reserve and liquidity products that can operate natively in that digital ecosystem."

The launch came after BlackRock’s BUIDL fund, its first tokenized money market offering, launched with Securitize in March 2024 and has since grown to around $2.5 billion in assets. 

BUIDL’s price continued trading at $1 during the past 24 hours. The retail sentiment around BUIDL remained in the ‘neutral’ zone, while chatter around it stayed at ‘high’ levels over the past day.

CLARITY Act Still Pending

While the GENIUS Act gave stablecoin issuers and reserve managers a legal framework, broader market-structure legislation remains unresolved.

On-chain analyst TedPillows said the Digital Market Asset Clarity Act, also known as the CLARITY Act, was “not on the Senate's floor schedule,” and that if the leadership waited until Wednesday to file cloture, the earliest vote would be Friday, leaving no time to debate before the August 10 recess.

GSR's Andy Baehr also said on the Schwab Network on Monday that prediction markets have given the bill only about a 30% chance of passing this year, adding that it likely won't get done in August, but there may be a window in September.

Read also: WULF, CORZ, CLSK Stocks Get A Thumbs Up From B. Riley – MSTR Sees A Price Target Cut
For updates and corrections, email newsroom[at]stocktwits[dot]com