BlackRock filed SEC registration statements for two new tokenized money market funds, BSTBL and BRSRV, on May 8, 2026, each targeting a different corner of the on-chain economy with one clear goal: giving crypto users access to Treasury yields without leaving the blockchain.

Two funds, two strategies

BSTBL is an Ethereum-based share class of BlackRock’s existing Select Treasury Based Liquidity Fund, which manages approximately $6.1 to $7 billion in cash and short-term US Treasury investments. The new ERC-20 share class carries fees of 0.27% after waivers, with BNY Mellon serving as the transfer agent.

BRSRV was built from scratch as a multi-chain tokenized money market vehicle. Its defining feature is that it’s specifically engineered for stablecoin reserve eligibility, holding cash and short-term Treasury assets that could qualify as backing for regulated stablecoins.

Why stablecoin holders should pay attention

Regulatory frameworks in both the US and EU have generally prohibited stablecoins from passing interest through to users. Both BSTBL and BRSRV are structured under the Investment Company Act of 1940, the same regulatory framework governing traditional mutual funds. That classification allows them to distribute daily yield payments directly to on-chain wallets, something stablecoins themselves cannot legally do.

Building on BUIDL’s foundation

BlackRock launched BUIDL, its inaugural tokenized fund, in March 2024. That product has since accumulated nearly $2.5 billion in assets under management. BSTBL and BRSRV represent the next logical step, expanding the product suite to cover different use cases and blockchain networks.

Both products remain in a post-filing phase as of mid-2026, awaiting full launch approvals. The SEC filings were submitted on May 8, 2026 as Form 485APOS registration statements.

What this means for investors

The 0.27% fee on BSTBL is worth contextualizing. Traditional money market funds typically charge between 0.10% and 0.50%, so BlackRock is pricing its tokenized offering competitively within the existing landscape.

Franklin Templeton, WisdomTree, and other traditional finance players have their own tokenization initiatives in various stages of development. Both BRSRV and BSTBL need full SEC approval before launch, and the pace of that process will determine whether BlackRock captures the current momentum or arrives after competitors have staked their claims.