BlackRock Enters Stablecoin Market
Son Min
Summary
- BlackRock said it has entered the U.S. stablecoin market through a newly designed money market fund.
- BlackRock said it launched a product through the fund's restructuring that can be used to manage reserves for stablecoin issuers.
- The fund was said to be designed to meet the requirements of the U.S. stablecoin regulatory law.
The world's largest asset manager BlackRock has entered the U.S. stablecoin market through a newly designed money market fund.
On the 15th (local time), according to Cointelegraph, BlackRock restructured its existing 'BlackRock Liquid Federal Trust Fund' and renamed it the 'BlackRock Select Treasury-Based Liquidity Fund (BSTBL)', launching it so it can be used to manage reserves for stablecoin issuers.
The fund was designed to meet the requirements of the 'GENIUS Act' (U.S. stablecoin regulatory law) signed this year by President Donald Trump.
Jon Steel, BlackRock's global head of cash management, said, "We want to be the best reserve manager for stablecoin issuers, and we believe we already are in that position."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
