BlackRock, the world’s largest asset manager, has filed with the U.S. Securities and Exchange Commission (SEC) to launch two tokenized money-market funds.
The firm aims to use these funds to target investors who hold cash in stablecoins, with the GENIUS Act providing greater legitimacy for these stablecoins.
According to a Bloomberg report, the world’s largest asset manager has filed with the SEC to launch two money-market funds for stablecoin holders.
The firm plans to launch tokenized shares of its BlackRock Select Treasury-Based Liquidity Fund (BSTBL), which is worth around $6.1 billion.
This fund notably invests in cash, U.S. Treasury bills, notes, and other securities with maturity dates of 93 days or less. The asset manager will launch tokenized shares of BSTBL on the top-layer 1 network, Ethereum, which will function similarly to traditional shares.
Meanwhile, the second tokenized fund will be the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), which the asset manager plans to launch, targeting investors who hold cash in stablecoins and prefer self-custody over brokerages. This fund will launch on multiple networks, according to the SEC filing.
This move comes as the tokenization trend gains momentum, with Wall Street giants moving their products onto the blockchain.
Source: X.com
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