Key insights:
- BlackRock filed BRSRV and BSTBL treasury products with the SEC on May 8 for institutional blockchain investors.
- BRSRV uses short-term Treasury bills and onchain shareholder records instead of traditional custodian databases for ownership tracking.
- The GENIUS Act requires stablecoins to maintain reserves using approved liquid assets including short-term Treasury securities.
- Ondo Finance OUSG product relies on the BlackRock BUIDL infrastructure as tokenized treasury markets continue expanding during 2025.
BlackRock filed two tokenized treasury products with the U.S. Securities and Exchange Commission on May 8. The filings came as stablecoin regulations continue to develop in the United States. The company introduced the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, known as BRSRV.
It also registered a tokenized share class for its Select Treasury Based Liquidity Fund called BSTBL. Both filings focus on blockchain-based treasury products designed for institutional investors. The products connect traditional cash management tools with public blockchain networks.
BlackRock Expands Tokenized Treasury Strategy
Based on 2xnmore, BlackRock described BRSRV as a Rule 2a-7 government money market fund. The product will hold short-term U.S. Treasury bills and overnight repurchase agreements. The filing stated that the fund targets institutions operating on blockchain networks. Investors must use blockchain wallets to hold and transfer shares.
The share issuances, transfers, and redemptions will appear onchain. The structure removes the need for a traditional shareholder database. BRSRV launched with a minimum investment requirement of $3 million. The filing also confirmed multi-chain support from the start. BlackRock also registered BSTBL, a tokenized share class tied to its $6.1 billion treasury liquidity fund.
The product will operate on the Ethereum blockchain. The filings arrived as tokenized treasury products continue gaining traction. Market participants have increased activity in blockchain-based real-world asset products during 2025. BlackRock’s BUIDL treasury fund also expanded during the same period. The fund currently operates across eight blockchain networks and manages about $2.5 billion.
Stablecoin Regulation and RWA Market Growth Drive Activity
The filings followed the GENIUS Act, which became law on July 18, 2025. The law requires stablecoin issuers to maintain one-to-one backing with approved liquid assets. Approved reserve assets include short-term U.S. Treasury bills. Industry estimates place the stablecoin market above $300 billion.
BlackRock also submitted recommendations to the Office of the Comptroller of the Currency regarding the law’s implementation. The company requested changes to proposed reserve asset limits. Ondo Finance’s OUSG product also connects to BlackRock’s BUIDL infrastructure. OUSG uses BUIDL as the underlying treasury asset for yield generation.
Several financial firms continue expanding tokenized asset operations. These firms include JPMorgan Chase, Franklin Templeton, and Coinbase. Data show tokenized real-world assets surpassed $30 billion during 2025. The sector recorded strong growth as firms increased blockchain-based treasury offerings.
