BlackRock Expands Stablecoin Push With Fund to Manage Reserve Assets
BlackRock is retooling its Select Treasury Based Liquidity Fund (BSTBL) to serve as a compliant reserve asset for U.S. stablecoin issuers under the GENIUS Act. The MOVE follows increased demand from issuers seeking liquid, regulated options to back dollar-pegged tokens.
The fund will shift its holdings to shorter-duration U.S. Treasuries and overnight repurchase agreements, eliminating agency investments. This restructuring aims to maximize liquidity while meeting regulatory requirements for stablecoin reserves.
"We believe this positions BlackRock as a reserve asset manager of choice for the digital payments ecosystem," said Jon Steel, global head of product for BlackRock's cash management business. The adaptation signals Wall Street's deepening involvement in crypto infrastructure.
