Stablecoin balances keep growing, yet regulated funds cannot always accept them directly. Zerohash just closed part of that gap. The firm now provides stablecoin conversion rails for BlackRock’s newest tokenized money market fund. That fund, BRSRV, serves stablecoin issuers who need reserves that qualify under the GENIUS Act. As a result, Zerohash pushes further into tokenized fund infrastructure and beyond its original trading business.
NEWS: zerohash is expanding its role in tokenized fund infrastructure, now providing stablecoin conversion rails for a new @BlackRock tokenized money market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle ("BRSRV"). pic.twitter.com/g49PHaYFEP
— zerohash (@zerohashx) August 3, 2026
Zerohash Moves Deeper Into Tokenized Fund Plumbing
Zerohash built its early business on embedded crypto trading and payments. Tokenization now sits alongside those two as a third product line. The BRSRV mandate extends that line into regulated fund distribution. Under the arrangement, Zerohash supplies the stablecoin conversion layer for the fund. Investors can therefore fund subscriptions with stablecoins instead of wire transfers.
The mechanics stay deliberately simple for the end user. Each investor receives a dedicated deposit address for incoming stablecoins. Zerohash then converts those stablecoins into fiat at a quoted rate. Next, it settles the resulting cash directly to the issuer’s account. Conversions at or below $500,000 settle instantly, while larger tickets take longer to clear. Redemptions run the same path in reverse, moving fiat back into stablecoins. Consequently, a treasury team holding USDC can subscribe without touching a traditional banking rail.
Today, @BlackRock launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), expanding its cash management strategy onchain.
— Securitize (@Securitize) August 3, 2026
The new money market fund combines BlackRock's cash management capabilities with Securitize's tokenization infrastructure. pic.twitter.com/OaFpfaDhCy
BRSRV Targets Stablecoin Issuers, Not Retail Buyers
BlackRock unveiled BRSRV on August 3, 2026, as part of a wider tokenized cash expansion. The full name is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. It is an entirely new fund rather than a wrapper on an existing one. Additionally, it launched across multiple blockchains instead of Ethereum alone. The portfolio holds cash, ultra-short Treasuries, and overnight repo backed by government securities. Dividends reinvest daily, which suits treasurers managing continuous reserve balances. Securitize acts as transfer agent and tokenization provider, and the minimum investment sits at $3 million.
BlackRock introduced a second product at the same time. BSTBL adds a tokenized share class to an existing money market fund holding close to $7 billion. Those OnChain Shares live on Ethereum as ERC-20 tokens. Meanwhile, BNY Mellon Investment Servicing maintains the official ownership records for that fund. Both products intend to qualify as eligible reserve assets for permitted U.S. payment stablecoin issuers.
The GENIUS Act Created the Demand
The GENIUS Act became federal law in July 2025. It established the first national framework for permitted payment stablecoin issuers. Importantly, it also defined exactly what those issuers may hold as reserves. Eligible assets include cash, Federal Reserve balances, and insured demand deposits. The list extends to Treasury bills maturing within 93 days and short-term repo backed by Treasuries. It also covers money market funds invested solely in those qualifying assets.
The OCC proposed implementing rules on February 25, 2026, and the comment period closed on May 1. Notably, the proposal excludes stablecoins and other crypto assets from reserve eligibility. Issuers therefore need two things at once. First, they need compliant instruments that generate yield. Second, they need a practical way to move stablecoin balances into those instruments. Zerohash addresses the second requirement.
Zerohash Spent Years Building the Regulatory Base
Founded in 2017, Zerohash has settled more than $65 billion in volume. The platform serves over 7 million end customers and supports more than 100 assets. It operates as a licensed money transmitter across 51 U.S. jurisdictions and holds a New York BitLicense. In Europe, it secured an Electronic Money Institution license from the Dutch central bank on May 18, 2026. It already held a MiCA authorization, making it the first crypto infrastructure firm with both.
That regulatory footprint attracted a notable client list. Morgan Stanley, Interactive Brokers, Stripe, Franklin Templeton, and BlackRock’s BUIDL fund all use the platform. Morgan Stanley’s E*TRADE plans to launch crypto trading on Zerohash infrastructure. In July 2026, the firm partnered with Marqeta to enable stablecoin spending across card networks. Transaction volume grew 690% year over year during 2025. Following a $104 million Series D-2 led by Interactive Brokers, Zerohash sought fresh capital above a $1.5 billion valuation.
Several Questions Remain Open
BlackRock says both funds intend to qualify as eligible reserve assets. Intent is not confirmation, and the prospectus acknowledges that gap directly. Federal regulators, including the OCC and the Treasury Department, have not finalized implementing standards. Parts of the GENIUS Act therefore still depend on interpretation. Competition is also tightening, since Mastercard acquired BVNK after dropping plans to invest in Zerohash. Still, the underlying trend looks clear. Stablecoin reserve management now requires both a compliant fund and working conversion infrastructure. Zerohash is positioning itself to supply the second half of that pair.
