BlackRock Launches Tokenized Money Market Funds on Ethereum and Solana

Multi-Chain Deployment with Stablecoin Utility

BlackRock launched its tokenized money market funds on both Ethereum and Solana, with the BlackRock Select Treasury Based Liquidity Fund (BSTBL) now available across both networks. Both fund offerings are structured to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act, giving them explicit utility within the emerging regulatory framework for stablecoin collateral.

Strategy and Regulatory Positioning

The tokenized funds are part of BlackRock's broader real-world asset strategy, which aims to bring traditional financial instruments onto blockchain rails. Money market funds represent a natural entry point for tokenization, given their stable net asset value, high daily volumes, and demand from institutional investors for around-the-clock settlement. By designing both offerings to meet GENIUS Act standards for eligible reserve assets, BlackRock positions itself at the center of a critical infrastructure layer for compliant stablecoin issuance—a use case that has drawn regulatory uncertainty until now.

Market Position in the RWA and Stablecoin Ecosystem

Tokenized Treasury and money market products have attracted significant capital from both traditional finance and crypto-native protocols over the past 18 months. Competitors including Franklin Templeton, Invesco, and Fidelity have introduced similar offerings, mostly on Ethereum. BlackRock's simultaneous deployment on Solana, combined with explicit GENIUS Act compliance, signals both confidence in Solana's institutional infrastructure and strategic positioning ahead of potential regulatory standardization around stablecoin reserves. The move reduces concentration risk for tokenized asset infrastructure and provides stablecoin issuers across both chains with a compliant collateral option.