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▲ BlackRock, Ethereum (ETH)/ChatGPT generated image ©
BlackRock, the world's largest asset manager, has launched two tokenized money market funds (MMFs) on the Ethereum (ETH) network, aiming to target the reserve asset market that will underpin stablecoins and tokenized financial products.
According to cryptocurrency media outlet Watcher.Guru on August 3 (local time), BlackRock launched blockchain-based money market funds BSTBL and BRSRV. Both products aim to ensure liquidity and maintain principal stability by investing in cash, short-term U.S. Treasury bonds, and ultra-short-term repurchase agreements.
Jon Steel, BlackRock's Global Head of Product and Platform for Cash Management, emphasized that cash is a core foundational asset for investors, businesses, and financial institutions. He explained that as demand for high-quality reserve assets to support stablecoins and other tokenized financial products grows, these new offerings provide clients with additional options to access money market funds in both traditional and digital markets.
The U.S. money market fund market size has exceeded $8.4 trillion. BlackRock's cash management division manages approximately $1.1 trillion in cash equivalent assets for corporations, banks, insurance companies, and public funds. The launch of these products is seen as BlackRock's move to expand its existing cash management capabilities into the Ethereum-based tokenization market.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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