BlackRock’s revamped money fund now complies with the GENIUS Act, provides enhanced liquidity, extended trading hours, and targets stablecoin issuers like Circle as key clients.
A Fund Built for Stablecoin Issuers
BlackRock, one of the world’s largest asset managers, is deepening its role in the crypto sector. The firm has restructured one of its money market funds to better serve the needs of stablecoin issuers.
The new fund — BlackRock Select Treasury Based Liquidity Fund (BSTBL) — is designed to comply with the GENIUS Act, signed into law in July 2025, which provides a regulatory framework for stablecoins in the U.S.
BSTBL is designed to be:
- More secure and resilient
- Highly liquid
- Open during extended hours, catering to global users
Stablecoin issuers typically invest customer funds in liquid and secure assets to ensure fast redemption. BSTBL meets these needs by offering a reliable vehicle for reserve management.
BlackRock Expands Reserve Management Beyond Circle
We want to be — and we believe we already are — the leading reserve manager for stablecoin issuers.
said John Steel, Global Head of Cash Management Products at BlackRock, in an interview with CNBC.
The firm already manages the majority of reserves for Circle — the second-largest stablecoin issuer. Now, BlackRock aims to offer similar services to other issuers, expanding its presence in the growing stablecoin segment.
The new fund isn’t limited to crypto companies — it’s also open to institutional investors like pension funds and university endowments.
BlackRock Solidifies Its Crypto Presence
This move is part of BlackRock’s broader strategy to lead in the digital asset space. The firm already offers:
With the restructured BSTBL fund, BlackRock seeks to become a dominant player in reserve management in the age of tokenization.
Stablecoins Are Gaining Momentum
The stablecoin market continues to grow rapidly. The total market cap now exceeds $316 billion, and analysts predict it could reach $4 trillion by 2030.
To ensure market stability and trust, Michael Barr, Vice Chair at the Federal Reserve, has called for clear regulations. He acknowledged the potential of stablecoins but also stressed the need for safeguards against market shocks and systemic risk.
While the GENIUS Act lays an important legal foundation, Barr emphasized that regulators must finalize the details to prevent potential “runs” or instability.
The Tokenization Boom
BlackRock CEO Larry Fink recently called tokenization “one of the most exciting areas of growth in financial markets.”
Tokenization will bridge traditional finance with the expanding digital asset economy.
Fink stated.
With over $4.5 trillion already held in digital wallets, BlackRock anticipates accelerated growth in the tokenization space over the coming years.
Conclusion
As stablecoins and tokenization become foundational pillars of the next-generation financial system, BlackRock is positioning itself at the heart of the transformation. By developing products that align with regulations and market demand, the firm is emerging as a vital bridge between traditional finance and the digital economy.
Frequently Asked Questions
Find answers to the most common questions below.
It's a restructured money market fund designed to meet the needs of stablecoin issuers, offering liquidity, compliance, and extended trading hours.
BlackRock already manages Circle’s reserves and aims to expand services to other issuers.
Passed in July 2025, the GENIUS Act provides a regulatory framework for stablecoins in the U.S., promoting transparency and stability.
This article is for general informational purposes only and is not intended to be, and should not be construed as, legal or investment advice. Crypto-assets are highly volatile, so only invest funds that you are willing to lose and use your own research and risk management.
