RedStone is powering the onchain NAV data for BRSRV, BlackRock’s new tokenized money market fund for stablecoin reserves, live on Ethereum, Solana, and Tempo.
TL;DR
- On August 3, BlackRock launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a tokenized government money market fund
- BlackRock built BRSRV for regulated stablecoin issuers in the U.S., who will be able to hold the fund as an eligible reserve asset under the GENIUS Act, while earning short-duration Treasury yield
- Like BUIDL, BlackRock’s BRSRV was issued through Securitize, which acts both as transfer agent and tokenization provider
- RedStone’s NAV feeds for BRSRV are live on Ethereum, Solana, and Tempo, running on TSSO and available both through the push and pull models
A Money Market Fund Built for Onchain Reserves
Last week, BlackRock launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a tokenized government money market fund created specifically as an eligible reserve asset for regulated stablecoin issuers operating under the GENIUS Act. Securitize serves as transfer agent and tokenization provider for BRSRV, the same role it holds for BUIDL.
The GENIUS Act takes effect on January 18, 2027, and the licensing process isn’t open yet. Once it is, any issuer serving US customers will need a license, and licensed issuers can only back their stablecoins with a short list of assets: cash, insured bank deposits, Treasury bills maturing in 93 days or less, overnight Treasury-backed repo, and government money market funds holding only those.
The Act also contemplates reserves held in tokenized form. BlackRock has structured BRSRV to fit that framework, building ahead of the market rather than into it. A stablecoin issuer that holds BRSRV is holding a regulated fund share instead of running its own Treasury portfolio, and doing so without moving the position off the network where the stablecoin itself operates.
Inside BRSRV: Holdings, Dividends, Chains, and Access Controls
BRSRV’s portfolio holds cash, short-dated US Treasury securities, and overnight repurchase agreements backed by Treasuries. Dividends are declared daily and reinvested the next business day as additional shares minted straight to the holder’s wallet. The share price stays at $1.00, while the balance grows. BlackRock covers the gas fees associated with dividend distributions.
Shares are recorded on Ethereum, Solana, and Tempo. Minimum investment is $3 million and wallets must be whitelisted and linked to verified identities. Shares can move directly between whitelisted wallets, but the transfer agent retains the ability to restrict, freeze, revoke, or reissue shares.
Why a Stable $1.00 NAV Still Needs a Feed
Counterparties accepting a BRSRV-backed stablecoins, and protocols treating them as collateral need to know that the NAV pricing the asset is real and current, because that backing is what holds the stablecoin’s peg.
Since BRSRV doesn’t trade on a secondary market, there’s no price to observe. There’s only the NAV the fund strikes at 5:00 p.m. Eastern each business day, published to the Securitize portal. Any onchain protocol that uses BRSRV has two options when it comes to pricing. It can hardcode $1.00 and hope for the best. Or it can read a feed that carries the fund’s own figure, signed and timestamped, updated on a known schedule.
BlackRock states that the fund seeks to preserve $1.00 per share but cannot guarantee it, and lists failure to maintain a stable NAV among the fund’s principal risks. A system that hardcodes $1.00 is right until the day the fund strikes something else, which is the one day it matters.
RedStone’s BRSRV Feeds and the TSSO Standard
The fund strikes its NAV at 5:00 p.m. Eastern each business day, and RedStone’s feeds carry that figure onchain. RedStone’s BRSRV feeds are live on all three of the fund’s networks, Ethereum, Solana, and Tempo, via the push and pull models. Push feeds run on a 24-hour heartbeat.
The feeds run on TSSO, the Trusted Single Source Oracle standard co-designed by RedStone and Securitize for tokenized assets that have no continuous market price. A fund NAV is struck off-chain by a regulated fund administrator under standard fund accounting rules. There is exactly one authoritative source for it.
TSSO addresses the single-source reality directly. Each NAV update is chained, signed, and timestamped, which gives any downstream consumer an auditable record of what the value was and when it was published.
From BUIDL to BRSRV: RedStone Across the Securitize Fund Family
RedStone has been Securitize’s primary oracle partner since March 2025, delivering NAV data for BUIDL, Apollo’s ACRED, Hamilton Lane’s HLSCOPE, VanEck’s VBILL, and Securitize’s own STAC. That work has consistently unlocked utility beyond the initial issuance. VBILL and STAC are live as collateral in Euler through KPK’s USDC Prime RWA vault. In June 2026, Ethena allocated $250M to STAC and brought it into USDe’s collateral base.
Each of those integrations rests on an onchain NAV sourced from the fund and provably unaltered. RedStone’s TSSO standard was built for assets with one authoritative price and no market to aggregate, where the value is signed and timestamped at the source so anything reading it can verify where it came from.
Money market funds built for stablecoin reserves are arriving quickly. Morgan Stanley, State Street, and Fidelity have all launched vehicles aimed at providing eligible reserve assets for regulated stablecoin issuers. BRSRV is the first one issued natively onchain, and now its NAV is too. Any system holding the fund can read and verify its value directly.
Frequently Asked Questions
Is BRSRV a stablecoin?
No. It’s a share in a registered government money market fund that happens to be recorded on a blockchain. A stablecoin is a liability its issuer promises to redeem at par. BRSRV is an asset an issuer can hold to back that promise.
Does holding BRSRV mean a stablecoin can pay yield to its holders?
No, and the GENIUS Act specifically forbids it. Issuers are barred from paying interest or yield to stablecoin holders. The yield on BRSRV accrues to the issuer holding it as reserves, not to whoever holds the stablecoin.
How is BRSRV different from BSTBL?
BlackRock launched both on August 3 and they’re easy to confuse. BSTBL is a tokenized share class of an existing BlackRock money market fund, issued on Ethereum only, with BNY as transfer agent and tokenization provider. BRSRV is a new fund built for stablecoin reserves, on three chains, with Securitize as transfer agent. RedStone provides NAV data for BRSRV.
How is the NAV calculated?
Using the amortized cost method, meaning holdings are valued at purchase cost adjusted for premium or discount rather than marked to market each day. This is standard for money market funds and it’s why the share price holds at $1.00 rather than drifting with rates.
What’s TSSO?
The Trusted Single Source Oracle standard RedStone and Securitize co-designed for assets with no continuous market price. Where a crypto asset gets priced by aggregating across venues, a fund NAV has exactly one authoritative source, so there’s nothing to aggregate. TSSO signs and timestamps each update at the source instead, giving downstream consumers a verifiable record of what the value was and when it arrived.
Where does the yield show up if the price never moves?
Dividends are declared daily and reinvested the next business day as new shares minted to the holder’s wallet.
Who pays the gas?
BlackRock covers it on purchases and dividend distributions. Shareholders pay it on redemptions and peer-to-peer transfers. The fees are paid in the native asset of each chain (ETH on Ethereum, SOL on Solana, and TEMPO on Tempo)
Can BRSRV shares be transferred directly between holders?
Yes, as long as it is between whitelisted wallets. However, there’s no public market, no order book, and no matching service in which to trade BRSRV. Newly minted shares are locked from peer-to-peer transfer for 24 hours.
Who can hold it?
US-resident investors, with a $3 million minimum initial investment and no subsequent minimum. Wallets must be whitelisted and tied to verified identities. Entity investors must be US-domiciled with a US taxpayer ID, and the fund can’t be distributed by a foreign financial intermediary.
About RedStone
RedStone is the data layer for institutional DeFi, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients, including Securitize, Morpho, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with custom pricing infrastructure built for complex onchain systems. RedStone provides data for tokenized products including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime. Learn more at redstone.finance.
About Securitize
Securitize, the leader in tokenizing real-world assets, is bringing the world onchain through tokenized funds in partnership with top-tier asset managers, such as Apollo, BlackRock, Hamilton Lane, KKR and others. Securitize, through its subsidiaries, is a SEC-registered broker dealer, digital transfer agent, fund administrator and operator of a SEC-regulated Alternative Trading System (ATS). For more information, please visit www.securitize.io.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
