**BlackRock Targets Stablecoin Market With New Fund**
BlackRock has restructured one of its money market funds to comply with the GENIUS Act, aiming to attract stablecoin issuers, John Steele, global head of products and platforms at BlackRock’s money management division, told CNBC.
The fund in question, formerly known as the BlackRock Liquid Federal Trust Fund, has been renamed the BlackRock Select Treasury-Based Liquidity Fund (BSTBL), according to filings with the U.S. Securities and Exchange Commission (SEC). Previously, the fund invested in U.S. Treasury bonds and cash, but the new structure now includes only short-term bonds and overnight repo transactions. These changes took effect on October 14, 2025.
BlackRock already partners with Circle, the issuer of USDC, managing most of the firm’s reserves through the Circle Reserve Fund (USDXX). Steele noted that the restructuring aims to attract additional stablecoin issuers, offering them the same advantages currently available to Circle.
**BSTBL Offers Extended Trading and Compliance Benefits**
Another key feature of BSTBL is extended trading hours, now running from 2:30 PM to 5:00 PM ET. This extension makes it easier for stablecoin issuers to access funds when needed.
Steele added that BSTBL is fully compliant with the GENIUS Stablecoin Act, which was signed into law by former President Trump in mid-July 2025.
Other major asset managers and fintech firms are also adapting their funds to serve stablecoin issuers. For example, Fidelity has introduced a treasury-based liquidity fund tailored to crypto-backed assets, while State Street recently extended trading hours on its money market products to support digital asset operations.
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