Stablecoin holders sit on over $320 billion in digital dollars. Most of it earns nothing.
BlackRock just filed to fix that. The world's biggest asset manager wants to launch two tokenized money-market funds aimed at the stablecoin crowd.
The first piece is a digital share class tied to its $6.1 billion Select Treasury Based Liquidity Fund, or BSTBL.
That fund holds cash and short-term Treasury debt that matures inside 93 days. The new tokenized shares would live on Ethereum and trade next to the regular share classes.
The second piece is a brand-new fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. It would hold cash, short-term Treasuries, and overnight repos - basically loans backed by Treasuries.
That fund would issue "OnChain Shares" through a system tied to a few public blockchains. The minimum check is $3 million, so this one is built for big players.
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Stablecoins are crypto tokens pegged to the dollar, like USDC and USDT. Holders use them like a savings account inside crypto.
The catch: most stablecoins pay no interest. So hundreds of billions sit idle in wallets while their owners hunt for yield.
That's the gap BlackRock wants. A money-market fund packaged as a token gives stablecoin holders a real Treasury-backed yield without making them leave crypto.
This isn't BlackRock's first move into tokens. Its BUIDL fund, launched with Securitize in 2024, has grown to about $2.5 billion in assets and now runs across eight chains.
Tokenized US Treasuries as a category are nearing $14 billion in total size. BlackRock and Circle are leading that charge.
Both funds are still in SEC registration. BlackRock hasn't set a launch date.
The agency has to sign off before any tokenized shares can trade. Until then, the filing alone tells investors a lot.
It points to where Wall Street thinks the next leg of crypto adoption is going. The answer: boring, regulated, Treasury-backed yield, delivered on a blockchain.
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