By Marc Baumann, Sangam Bharti
Hey, it’s Marc,
Stablecoins can’t pay yield by law. So, BlackRock filed something that legally isn’t a stablecoin.
On May 8, 2026, BlackRock filed two SEC registration statements.One turns a $7B Treasury money market fund (TFFXX) into a live token on Ethereum. The other launches a crypto-native Treasury vehicle that pays roughly 4% yield, accrued daily. Same plumbing as a stablecoin. The yield just stops at BlackRock instead of the holder. [FILING]
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What happened
On 8 May 2026, BlackRock filed two post-effective amendments with the SEC.
Filing 1: BRSRV (BlackRock Daily Reinvestment Stablecoin Reserve Vehicle), a new fund holding cash, sub-93-day Treasuries, and overnight Treasury repos. Shares issued as “OnChain Shares“ through a permissioned system across multiple public blockchains. Securitize Transfer Agent LLC1 keeps the official ownership records. Off-chain identity systems link wallet addresses to verified investors. $3M minimum. The filing does not yet name the chains.
Filing 2: An on-chain share class for the existing $7B BlackRock Select Treasury Based Liquidity Fund. BNY Mellon Investment Servicing acts as transfer agent, recording shareholders on Ethereum using the ERC-20 token standard2. Off-chain KYC links wallets to investor records. This is the first time a public ETH share class has been bolted onto an existing BlackRock money-market product.
Both build on BUIDL, BlackRock’s first tokenized MMF launched in March 2024 with Securitize.
