BlackRock to launch 2 more tokenized MMF as the USD stablecoin market expands

BlackRock plans to launch 2 more tokenized MMF as the addressable market, USD stablecoin market, expands to $317B.

According to Bloomberg, one product would be a tokenized version of BlackRock’s $6.1B BlackRock Select Treasury Based Liquidity Fund (BSTBL).

The second, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), would be a native tokenized money market fund designed for a growing class of users who manage their finances through crypto wallets and stablecoins instead of traditional brokerages and bank accounts.

➡️ Why this matters

The tokenized MMF market has exploded from roughly $100M in 2024 to approximately $15B today, representing nearly 15,000% growth in just two years.

BlackRock’s first tokenized MMF, BUIDL, distributed via Securitize, has grown to around $2.5B AUM since launch two year ago.

But competition has intensified rapidly.

Circle’s USYC and Ondo Finance’s OUSG and USDY products have taken the No.1 spot from BUIDL as they increasingly captured market share and institutional attention as tokenized yield products become core infrastructure for the onchain dollar economy.

BSTBL is likely to be BlackRock's play at capturing traditional market's interest at tokenized MMF as BNY Mellon acts as its transfer agent.

By contrast, BRSRV, with Securitize as transfer agent, is likely to be BlackRock's play at capturing more stablecoin issuer's market as the USD stablecoin market grows.

Equally important:

BlackRock already sits at the center of stablecoin reserve infrastructure itself.

The firm manages the Circle Reserve Fund, the vehicle backing USDC reserves, which currently holds approximately $67B of Circle’s $78B reserve base.

Circle’s own tokenized treasury fund, USYC, now manages roughly $3B.

At a 21bps gross expense ratio, BlackRock is estimated to generate approximately $134M annually from the Circle reserve relationship alone.

As USD stablecoins continue scaling globally, BlackRock increasingly appears to be positioning itself not simply as an asset manager participating in tokenization but as one of the primary financial institutions monetizing the reserve, liquidity, and yield infrastructure underpinning the digital dollar system itself.

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