BlackRock takes a piece of booming stablecoin market with redesigned fund

BlackRock is expanding into the stablecoin market with a redesigned money market fund, compliant with the new GENIUS Act, to provide a secure reserve vehicle for issuers.

BlackRock has redesigned one of its flagship money market funds to meet new US stablecoin rules.

The $13.5 trillion asset manager said the revamped fund, called the BlackRock Select Treasury Based Liquidity Fund (BSTBL), will help manage reserves for companies behind US dollar-pegged stablecoins, offering them a safe place to park customer funds, according to CNBC.

“We want to be — and we believe we are — a preeminent reserve manager” for stablecoin issuers, Jon Steel, the global head of product and platform for BlackRock’s cash management business, told CNBC.

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