BlackRock has redesigned one of its flagship money market funds to comply with new stablecoin regulations in the United States.
According to CNBC, the institution managing $13.5 trillion in assets stated that the revamped fund, named the "BlackRock Select Treasury Liquidity Fund" (BSTBL), will assist in managing the reserves of companies behind dollar-pegged stablecoins, providing a secure channel for customer funds.
"We want to be— and we believe we already are— the premier reserve manager for stablecoin issuers," Jon Steel, head of global products and platforms for BlackRock's cash management business, said in an interview with CNBC.
BlackRock noted that the product is fully compliant with the GENIUS Act, which was signed into law by President Donald Trump earlier this year, creating the first regulatory framework for stablecoins in the United States.
According to documents submitted to the Securities and Exchange Commission (SEC), BlackRock has renamed and restructured its money market fund, previously known as the "BlackRock Liquid Federal Trust Fund," which had invested 100% of its total assets in cash, U.S. Treasury bills, and notes.
These changes have been approved by the company's board of directors and officially took effect on Tuesday. BlackRock stated that the fund will now invest entirely in short-term U.S. Treasury securities and overnight repurchase agreements, making it a highly secure and liquid investment tool designed for institutional investors, including stablecoin issuers.
Adjustments also include extended trading hours (until 5:00 PM Eastern Time) and a delayed valuation time.
In the summary prospectus, BlackRock detailed the fund's fees and operating expenses, including a 0.21% management fee, a 0.10% shareholder service fee, and a total expense ratio of 0.27% after waivers. The documents also indicate that the fee waiver agreement will last until June 30, 2026.
The restructured fund marks BlackRock's largest move into the stablecoin market to date, potentially positioning the asset management company as a key player in managing reserves for dollar-pegged tokens.
This bet comes as the company implements a broader digital asset strategy, which has included a Bitcoin (BTC) ETF, an Ethereum (ETH) product, and the recently launched BUIDL tokenized liquidity fund earlier this year.
BlackRock has managed its reserves through a long-term partnership with USDC stablecoin issuer Circle, which has rapidly expanded as the adoption of stablecoins has grown. The newly launched BSTBL fund aims to align with the growing demand for regulated, yield-generating reserve options, extending this model to more issuing entities.
Citigroup analysts recently predicted that the issuance of stablecoins is expected to grow from the current $280 billion to $4 trillion by 2030, highlighting the explosive growth potential of this market.
Related: Kraken doubles down on U.S. futures business with $100 million acquisition of Small Exchange
Original article: “BlackRock Enters Booming Stablecoin Market by Redesigning Fund”
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