BlackRock has restructured one of its money market funds, changing its name and investment strategy to focus on stablecoin issuers.
This is reported by Business • Media
BlackRock Targets the Stablecoin Market
The updated fund has been renamed BlackRock Select Treasury Based Liquidity Fund (BSTBL) from its previous name, BlackRock Liquid Federal Trust Fund. According to documents filed with the U.S. Securities and Exchange Commission (SEC), the changes took effect on October 14, 2025. The fund now invests exclusively in short-term U.S. Treasury bonds and overnight repurchase agreements.
This decision was made in accordance with the GENIUS Act, which regulates the stablecoin market in the United States. John Steele, Global Head of Products and Platforms in BlackRock’s cash management division, explained that the fund’s restructuring is aimed at attracting new stablecoin issuers.
“We want to be — and we believe we are — a leading asset manager for stablecoin issuers,” Steele noted.
New Opportunities for Issuers and Partnership with Circle
BlackRock is already collaborating with Circle, the issuer of the USDC stablecoin, managing most of the reserves through the Circle Reserve Fund (USDXX). The company now aims to offer the same opportunities to other stablecoin issuers, optimizing its product to meet their needs.
One of the key changes in BSTBL is the extension of trading hours for the fund’s shares: from 2:30 PM to 5:00 PM Eastern Standard Time (EST). This will allow stablecoin issuers to access funds more quickly when needed.
John Steele also emphasized that the updated fund fully complies with the stablecoin legislation (GENIUS), which was signed into law by U.S. President Trump in July 2025. Steele noted that this transformation will help BlackRock’s clients expand their capabilities in the digital asset market and open new avenues for distributing financial products.
Previously, there were reports about BlackRock’s plans to tokenize its exchange-traded funds, which could be the next step in the company’s development of innovative financial solutions.