BlackRock Adapts Treasury Fund to Serve as Stablecoin Reserve Asset
BlackRock has restructured its Select Treasury Based Liquidity Fund (BSTBL) to function as a compliant reserve option for stablecoin issuers. The fund now incorporates overnight repurchase agreements, short-duration Treasury holdings, and extended trading hours—a MOVE aligning with the GENIUS Act's regulatory framework for payment stablecoins.
The strategic pivot reflects institutional demand for yield-bearing reserve assets amid growing crypto-dollar integration. "This builds on our history of innovation through products," said Jon Steel of BlackRock's Cash Management division, signaling Wall Street's deepening involvement in digital asset infrastructure.