World’s Largest Asset Manager Expands Into Stablecoin Reserve Management
BlackRock is preparing to launch a revamped money market fund designed specifically for stablecoin issuers, marking another step in the firm’s growing digital asset strategy. The new fund, BlackRock Select Treasury Based Liquidity Fund (BSTBL), is structured to comply with the GENIUS Act, the first U.S. federal stablecoin law, enacted in July 2025.
According to reports, BSTBL has been retooled with a 5 p.m. ET trading deadline and a Treasury-heavy portfolio, ensuring full alignment with federal standards for stablecoin reserves. The initiative aims to make it easier for stablecoin issuers — entities that must hold high-quality liquid assets — to manage their collateral under new U.S. regulations.
“This move positions BlackRock to become a key institutional partner for stablecoin issuers operating under federal guardrails,” said a senior digital asset strategist familiar with the development.
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The GENIUS Act and Stablecoin Regulation
The GENIUS Act — short for Guaranteed Electronic Network Issuance and Uniform Standards — introduced clear rules for “permitted payment stablecoin issuers” (PPSIs). These include mandates on reserve composition, liquidity, and transparency to protect holders and ensure stability.
The law directs the U.S. Treasury and federal banking regulators to oversee stablecoin compliance, including requirements that reserves be backed primarily by short-term U.S. Treasuries and other low-risk assets.
“The GENIUS framework represents a critical step in legitimizing dollar-backed stablecoins within the traditional financial system,” noted fintech analyst Laura McKnight.
With the Treasury currently finalizing its regulatory framework, analysts expect stablecoin issuance to reach $2 trillion by 2028, up from roughly $300 billion today, according to The Block’s data dashboard.
BlackRock’s Expanding Digital Asset Footprint
This fund marks a continuation of BlackRock’s tokenization and blockchain initiatives, which already include its BUIDL tokenized liquidity fund, a spot Bitcoin ETF, and an Ether ETP. The firm has also been exploring tokenized funds tied to real-world assets (RWAs), signaling a long-term commitment to integrating blockchain into institutional finance.
In parallel, regulated, GENIUS-aligned stablecoins are beginning to emerge. In July, Anchorage Digital Bank partnered with Ethena Labs to issue the USDtb token, the first federally compliant stablecoin under the GENIUS Act.
Tokenization and Institutional Liquidity
BlackRock’s latest move reflects a broader industry shift toward onchain capital markets. Banks and asset managers are increasingly using tokenized money-market instruments to enable 24/7 liquidity and more efficient collateral management.
TD Cowen analysts predict that the onchain capital base could exceed $100 trillion within five years, underscoring why traditional financial institutions are racing to adapt.
BlackRock’s GENIUS-compliant fund may become the benchmark for future stablecoin reserves — blending regulatory compliance, institutional trust, and blockchain-based efficiency in one product.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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