BlackRock launches tokenized funds to back stablecoins.

The world's largest asset manager has launched two blockchain-based money market funds, designed to meet the criteria established by the GENIUS Act for stablecoin reserves in the United States.

BlackRock, the world's largest asset manager, has launched two tokenized money market products designed to serve as reserve assets for stablecoins, marking another step in the integration of regulated financial products into blockchain infrastructure.

The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of the asset manager's existing Select Treasury Based Liquidity Fund on the Ethereum network. Qualified investors can transfer tokenized shares of the fund between approved portfolios, while the fund continues to invest in cash, short-term U.S. Treasury securities, and Treasury-backed overnight repurchase agreements. BNY acts as the transfer agent and tokenization provider for the fund's on-chain shares.

The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenized money market fund available to institutional investors. The fund supports multiple blockchains, automatically reinvests daily dividends, and is designed for digital asset use cases, including stablecoin reserve management. Securitize is the transfer agent and tokenization provider for BRSRV.

BlackRock stated that both funds are structured to qualify as eligible reserve assets for authorized U.S. payment stablecoin issuers, in accordance with the GENIUS Act, the federal law on stablecoins enacted in July 2025. 

The launch expands BlackRock's presence in the tokenized Treasury bond market, where its USD Institutional Digital Liquidity Fund (BUIDL) remains the largest tokenized Treasury bond fund, with over $2.6 billion in assets, according to   industry data .

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Strategy, led by Michael Saylor, sells 1,638 BTC to pay dividends and buy back shares.

Strategy completed its second-largest Bitcoin sale in 2026 by trading 1,638 BTC to fund dividend payments and the repurchase of STRC preferred shares.

Michael Saylor's Strategy sold 1,638 Bitcoins between July 27 and August 2, marking the second-largest Bitcoin sale of the year for the firm.

Strategy sold 1,638 Bitcoins (BTC) at an average price of $63,957, totaling $104.7 million, according to an  8-K form filed  with the U.S. Securities and Exchange Commission (SEC) on Monday. Of that amount, $52.4 million was used to fund dividend payments on Strategy's STRC preferred stock, while another $52.3 million was used to repurchase STRC stock.

The company now holds 842,138 Bitcoins, acquired at a total cost of $63.5 billion.

Strategy sold 3,588 Bitcoins for  approximately US$216 million on July 6.  It also disclosed the sale of  32 Bitcoins in early June  , its first reported Bitcoin sale since the 2022 tax loss offset transaction.

The strategy reinforces dollar reserves to US$4 billion and includes the repurchase of STRC shares.

Strategy also reported the sale of $290 million worth of MSTR stock during the same period. Approximately $250 million of the proceeds were used to increase the Dollar Reserve to $4 billion, $28.9 million to fund additional STRC stock repurchases, and $11.7 million was added to Strategy's cash balance.

In total, Strategy repurchased $81 million worth of STRC stock and increased its dollar cash availability by 57 days, to 2.3 years, Strategy founder and chairman Michael Saylor announced in a  post  on Monday X.

Strategy's perpetual preferred shares, STRC, traded at $89.4, or 10.6% below their intended face value of $100, during Monday's trading session, according to  Yahoo Finance data  . The company's shares, MSTR, also  fell  0.9% in Monday's trading session.

Daily chart of STRC stock price. Source: Yahoo Finance

STRC is one of Strategy's main mechanisms for financing its Bitcoin accumulation. Trading below par value limits Strategy's ability to raise funds through the sale of STRC. This may also force the company to further increase its nominal dividend rate to attract buyers and protect the price of STRC.

On June 24, CryptoQuant CEO Ki Young Ju stated that  Strategy should pause  Bitcoin purchases and replenish its cash reserves after the company's dividend coverage ratio fell from seven years to 14 months.

“They should pause Bitcoin purchases, rebuild their cash reserves, and adopt a systematic framework for the timing of purchases,”  Ju wrote  in a post on X on June 24.

In its June 29 8-K report, Strategy  presented a capital structure  that allows Bitcoin sales to fund dividends, increased the annual dividend yield on its STRC preferred stock to 12%, and disclosed that its US dollar reserves had grown to $2.55 billion.  

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