BlackRock Introduces '40 Act 2a7 Money Market Fund in GENIUS-aligned Form
As BlackRock's cash management business surpasses $1 trillion in assets under management, the firm introduces a GENIUS Act-aligned '40 Act 2a7 money market fund to meet growing demand in the stablecoin market
Today, BlackRock announced a strategic update to one of its money market funds, reflecting a refined investment approach designed to enhance liquidity, align with emerging regulatory frameworks, and support the evolving needs of clients.
The BlackRock Select Treasury Based Liquidity Fund's ("BSTBL") new principal investment strategy is structured to increase the fund's liquidity profile by adding overnight repurchase agreements as an eligible asset, shortening the maturity of investments in U.S. Treasury instruments and removing agency investments. The fund will also provide additional access by extending the fund's trading deadline from 2:30 p.m. ET to 5:00 p.m. ET.
BSTBL's investment strategy will also align with the requirements of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), enabling the fund to serve as a reserve asset for payment stablecoin issuers. This strategy opens a new distribution channel, positions the fund for potential future growth, and reinforces BlackRock's mission to broaden investor access through innovative solutions.
"We're seeing increasing demand from stablecoin issuers and clients seeking innovative, compliant reserve management solutions," said Jon Steel, Global Head of Product and Platform within BlackRock's Cash Management business. "Our BSTBL money market fund builds on our history of innovation through products and marks an exciting new chapter for our cash management business. We're thrilled to deliver a fund that meets the evolving needs of our clients and we believe it positions BlackRock as one of the reserve asset managers of choice for the digital payments ecosystem."
The introduction of this updated stablecoin reserve fund reinforces BlackRock's leadership in the digital assets space. BlackRock currently manages the world's largest tokenized private fund—a short-term U.S. Treasury strategy—alongside the largest exchange-traded products for bitcoin and ether.1 The firm also brings historical expertise in managing stablecoin reserves, further strengthening its position in the evolving digital financial ecosystem.
BlackRock's commitment to continually evolving its product offerings has helped drive growth in the cash management space. By integrating advanced technologies and expanding the suite of their digital asset solutions, BlackRock Cash Management has strengthened their market position as the third largest Rule 2a-7 money market fund provider in the world.2 The company recently introduced two new money market ETFs, namely the iShares Government Money Market ETF (GMMF) and the iShares Prime Money Market ETF (PMMF), to further broaden investor access and deliver innovative cash management solutions that meet investors where they are.
In the Earnings Report that was released on October 14, BlackRock announced that its Cash Management business has surpassed the $1 trillion milestone in assets under management, reaching an unprecedented $1,005 billion.3 This achievement marks a new record for the firm and underscores BlackRock's leadership in the liquidity management sector.
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Important Information:
Potential investors in BSTBL should consider the investment objectives, risks and expenses of the Fund carefully before investing. The Fund's prospectus and, if available summary prospectus, contain this and other information about the Fund and are available by calling our Client Service Center at 800-441-7450 or by visiting www.blackrock.com/cash. Please read the prospectus carefully before investing.
You could lose money by investing in BSTBL. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.
Potential investors in PMMF should consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.
You could lose money by investing in the Fund. Unlike a traditional money market fund, the Fund operates as an exchange traded fund ("ETF"). As an ETF, the Fund's shares will be traded on an exchange and will generally fluctuate in accordance with changes in net asset value ("NAV") per share as well as the relative supply of, and demand for, shares on the exchange. Because the share price and NAV of the Fund will fluctuate, when shares are sold (or redeemed, in the case of an Authorized Participant), they may be worth more or less than what was originally paid for them. The Fund may impose a fee upon sale of shares by Authorized Participants. The Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide.
Potential investors in GMMF should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. The fund's prospectuses and summary prospectuses contain this and other information about the fund and are available on the Fund's website at [www.blackrock.com]. The fund's prospectuses and summary prospectuses should be read carefully before investing.
You could lose money by investing in the Fund. Although the Fund will seek to qualify as a "government money market fund," it will not seek to maintain a stable net asset value ("NAV") per share using the amortized cost method of valuation. Instead, the Fund will calculate its NAV per share based on the market value of its investments. In addition, unlike a traditional money market fund, the Fund operates as an exchange traded fund ("ETF"). As an ETF, the Fund's shares will be traded on an exchange and will generally fluctuate in accordance with changes in NAV per share as well as the relative supply of, and demand for, shares on the exchange. Because the share price and NAV of the Fund will fluctuate, when shares are sold (or redeemed, in the case of an Authorized Participant), they may be worth more or less than what was originally paid for them. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide.
Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of a fund. In addition, notwithstanding that U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such as reaching the legislative "debt ceiling." Such non-payment could result in losses to a fund and substantial negative consequences for the U.S. economy and the global financial system.
If the other party to a repurchase agreement defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, a fund may lose money.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.
Prepared by BlackRock Investments, LLC, member FINRA.
©2025 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
1 BlackRock, as of September 30, 2025.
2 BlackRock, as of October 10, 2025.
3 BlackRock, as of September 30, 2025.
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