BlackRock is bringing another tokenized fund to Solana, this time with a product built specifically around the emerging U.S. stablecoin market.
The world’s largest asset manager has filed with the SEC for the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a new government money market fund that will issue tokenized “OnChain Shares” across Solana, Ethereum and Tempo.
Unlike BlackRock’s existing BUIDL product, BRSRV is structured with stablecoin reserves explicitly in mind. The fund intends to operate so that its shares qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act, according to its prospectus.
BlackRock Brings Stablecoin Reserves Onchain
BRSRV will invest 100% of its assets in cash, U.S. Treasury instruments with maturities of 93 days or less, and overnight repurchase agreements secured by Treasuries.
The fund is designed to maintain a stable net asset value of $1 per share while generating income from its underlying portfolio. BlackRock plans to operate BRSRV as a government money market fund under Rule 2a-7 of the Investment Company Act of 1940.
BlackRock states in the filing that BRSRV intends to qualify as an eligible reserve asset under the GENIUS Act because of its government money market fund structure and its exclusive exposure to short-term Treasuries and Treasury-backed repurchase agreements. That could allow regulated stablecoin issuers to hold BRSRV shares as part of the reserves backing their tokens.
The fund carries a $3 million minimum initial investment and a 0.17% expense ratio after applicable fee waivers and reimbursements.
BRSRV Shares Will Be Recorded on Solana
Securitize Transfer Agent will maintain the official ownership record for BRSRV’s OnChain Shares through a permissioned system connected to public blockchains.
The filing names Solana, Ethereum and Tempo as supported networks at launch, with the possibility of adding others in the future. Investors will need registered, whitelisted blockchain wallets to hold and transfer shares.
Although the underlying networks are permissionless, BRSRV itself will not be. Smart contracts will enforce restrictions that prevent shares from being transferred to unauthorized wallets, while Securitize will maintain an offchain registry linking approved wallet addresses to shareholder identities.
The blockchain record and accompanying offchain registry together constitute the fund’s official shareholder register.
BlackRock Expands Its Existing Solana Footprint
BRSRV is not BlackRock’s first tokenized fund on Solana.
BlackRock and Securitize expanded the BlackRock USD Institutional Digital Liquidity Fund, better known as BUIDL, to Solana in March 2025. BUIDL was BlackRock’s first tokenized fund and had already surpassed $1 billion in assets before its Solana expansion.
BRSRV takes that strategy in a more specialized direction.
Instead of simply bringing another Treasury product onchain, BlackRock has designed the fund around an emerging role for tokenized assets inside the regulated stablecoin economy, allowing stablecoin issuers to potentially hold tokenized money market fund shares as the reserves backing their own digital dollars.
