A press release, "BlackRock Expands Tokenized Cash Platform with BSTBL OnChain Shares and BRSRV," tells us, "BlackRock expanded its cash management strategy with the launch of two tokenized money market products: OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund ('BSTBL') and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle ('BRSRV'). The new products combine BlackRock's money market capabilities with blockchain-based infrastructure while maintaining the liquidity and stability, investors expect from regulated money market funds."
Jon Steel, Global Head of Product and Platform for BlackRock Cash Management, comments, "Cash remains a foundational building block for investors, corporations, and financial institutions. U.S. money market funds have grown to more than $8.4 trillion in assets as investors continue to prioritize liquidity, capital preservation, and the potential for yield. As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets."
The release explains, "BSTBL introduces a tokenized share class on the Ethereum blockchain of an existing money market fund. The OnChain Shares extend a scaled cash management strategy into a digital format and can be transferred between approved investor wallets, subject to applicable law. BNY serves as a transfer agent and tokenization provider for the BSTBL OnChain Shares."
It continues, "BRSRV is a newly launched tokenized money market fund designed for digitally native institutional investors. The fund includes features such as daily dividend reinvestment and multi-blockchain accessibility and can be used for a range of digital asset use cases, including stablecoin reserve management. Securitize serves as BRSRV's transfer agent and tokenization provider."
The release adds, "Both funds seek current income consistent with liquidity and stability of principal by investing in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasury securities, and the investment strategy of both funds intends to makes them 'eligible reserve assets' for permitted U.S. payment stablecoin issuers under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the 'GENIUS Act'). BlackRock's Cash Management Group oversees nearly $1.073 trillion in cash strategies for a diverse range of investors, including corporations, banks, foundations, insurance companies, and public funds." (See too, CoinDesk's, "BlackRock expands tokenized cash with new blockchain-based money market offerings.")
In "offshore" news, another press release titled, "Aviva Investors launches tokenised Liquidity Fund share class in partnership with Ripple," states, "Aviva Investors, the global asset management business of Aviva plc, and Ripple, the leading provider of blockchain-based enterprise solutions across traditional and digital finance, have ... announced the successful launch of a tokenised share class of the Aviva Investors US Dollar (USD) Liquidity Fund."
Aviva says, "The tokenised USD Liquidity Fund will be available on the XRP Ledger (XRPL) – a public blockchain built for fast, secure, and low-cost settlement. Investors will benefit from the same investment objective, risk profile, liquidity characteristics and regulatory protections as the conventional fund, alongside enhanced operational features enabled by tokenisation. The tokenised share class launch was also supported by Komainu, a regulated institutional digital asset custodian, alongside Licuido, a digital platform company that helps Asset Management companies to tokenise real world assets. As part of this launch, the new tokenised share class has also been approved by the Central Bank of Ireland (CBI), marking a regulatory first with regards to tokenised fund structures."
They write, "The Fund, which was initially launched in its 'traditional' structure in 2020, targets low-risk returns and daily liquidity by offering investors exposure to high-grade US dollar-denominated short-term debt instruments. The new share class will be available to eligible investors with digital wallets, with all assets held by the fund's custodian, The Bank of New York Mellon. The structure has been designed to operate within existing regulatory frameworks, providing a scalable foundation for future innovation in fund distribution and market infrastructure."
The release states, "The XRPL, will enable Aviva Investors to reliably issue and manage the tokenised share class of the USD Liquidity Fund using fast, secure, low-cost blockchain transactions, in an energy efficient format. It offers a set of features, including compliance capabilities, designed to support financial institutions operating in regulated markets. Since 2012, the network has processed more than 4 billion transactions, supports nearly 8 million active wallets, and is maintained by 130+ independent validators."
Mark Versey, CEO at Aviva Investors, tells us, "We're thrilled to be able to announce the launch of our first fund in the tokenisation space, with the addition of the new tokenised share class for our USD Liquidity Fund. Innovation has always been central to Aviva Investors' heritage, and we believe that tokenisation is a significant development within the investment industry. It is our view that this trend will increase efficiency and ultimately lead to improved client outcomes, and as such it is something we have been keen to develop for a number of months. Our partnership with Ripple has been crucial to this endeavour and we look forward to continuing working together, as we look to further explore the possibilities of tokenised fund structures."
Ripple's Senior VP of Trading and Markets Nigel Khakoo adds, "This is a landmark moment for fund tokenisation. Aviva Investors has demonstrated that it is possible to bring a regulated, institutional-grade tokenised product to market on live infrastructure, with real investor protections in place. The XRP Ledger was built for exactly this kind of application, and we expect this launch to set a strong precedent for other asset managers looking to explore tokenised fund structures."
For more on Tokenized Money Market Funds, see these recent Crane Data News stories: "State Street Q2'26 Earnings Call on Tokenized MMFs, Stablecoin Reserves" (7/20/26), "MMF Assets Plunge to $7.9 Trillion; ICI on Tokenization and Asset Mgmt" (7/17/26), "BlackRock Talks Tokenization on Call" (7/16/26), "S&P Rates Franklin Onchain U.S. Government Money Fund (BENJI) AAAm” (6/25/26), "Fitch Primer on Fund Tokenization" (6/11/26), "Moody's Rates BlackRock BUIDL and Fidelity USD Digital Liquidity AAA" (5/20/26), "JPMAM Launches 2nd Tokenized MMF" (5/14/26), "BlackRock Files for Tokenized MMFs" (5/11/26), "Northern Talks Tokenization, Deposits" (4/22/26), "Earnings: JP Morgan Talks AI Cash Allocation Tool; BNY on Tokenization" (4/20/26), "Invesco to Manage SuperState Tokenized USTB" (3/25/26), "OMFIF on Tokenised Money Funds" (3/18/26), "Federated's Donahue Talks Tokenized Money Funds" (3/17/26), "Northern Trust A.M. Launches Tokenized Treasury Digital Enabled Shares" (3/3/26), "BNP Paribas Debuts Tokenized MMF" (2/23/26), "Western Adds Tokenized MMF Class" (1/14/26), "Boston Fed Paper Examines Vulnerabilities of MM ETFs, Tokenized MMFs" (1/7/26), "More from Irish Funds' Tokenization Paper; Decrypt Explains Stablecoins" (12/29/25), "JPMAM Liquidity Insight: Tokenization Transforming Money Market Funds" (12/24/25), "Amundi Tokenises Shares of EUR MMF" (12/22/25), "JP Morgan Launches Tokenized MMF, My OnChain Net Yield Fund (MONY)" (12/17/25), "Bank for International Settlements Primer on Tokenized Money Funds" (12/2/25), "TD Securities Writes on Stablecoins, Tokenized Money Funds, Digital" (11/5/25), "NY Fed Blog Says Money Funds Dominate Tokenization To Date; Stability?" (9/25/25), "IMMFA on Tokenization of MMFs in Europe; Tether USDT; Fidelity Digital" (9/22/25), and "BNY's LiquidityDirect Portal Announces Plans to Tokenize Money Funds" (7/24/25).
