BlackRock Expands Tokenized Funds to Solana with New Stablecoin Reserve Vehicle

BlackRock has expanded its tokenized fund suite to the Solana blockchain with the launch of the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) and on-chain shares of its BlackRock Select Treasury-Based Liquidity Fund (BSTBL). The new vehicles, which launched Monday following a Friday Securities and Exchange Commission filing, specifically target institutional stablecoin issuers seeking regulatory-compliant backing under federal reserve standards.

The funds operate with a minimum initial investment threshold of $3 million and invest exclusively in cash, short-term U.S. Treasury securities, and Treasury-backed overnight repurchase agreements. Operating under Rule 2a-7 of the Investment Company Act of 1940, the prospectus explicitly forbids direct investment in cryptocurrencies or virtual currencies, focusing entirely on high-liquidity fiat-equivalent instruments.

To comply with reserve asset requirements established under the U.S. GENIUS Act—the legislation governing payment stablecoins—BlackRock deployed the products across Solana, Ethereum, and Tempo. Transfer agent Securitize manages the infrastructure through a permissioned system layered on top of public, permissionless networks. Under this framework, participating wallets must undergo identity verification and whitelisting, giving the transfer agent administrative authority to restrict transactions, freeze holdings, or reissue tokenized shares.

“Cash remains a foundational building block for investors, corporations, and financial institutions,” said Jon Steel, Global Head of Product and Platform for BlackRock’s Cash Management business. “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.”

The move represents a technical expansion beyond Ethereum, where BlackRock’s initial tokenized offering, the BUIDL fund, has accumulated more than $2.6 billion in assets since launching in March 2024. BlackRock joins competitors Morgan Stanley and Fidelity in offering specialized stablecoin reserve management tools following the passage of the GENIUS Act, while acknowledging prospectus warnings regarding potential blockchain outages and smart contract risks.