BRSRV: BlackRock Stablecoin Reserve Vehicle Explained

BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, shortened to BRSRV, is a tokenized share of a money market fund run by BlackRock. Each token represents a claim on a fund, not a new cryptocurrency with its own economy. Its price is meant to stay at about one US dollar.

According to the fund description, the portfolio holds only cash, short-term US Treasury securities and overnight repurchase agreements backed by Treasuries. The Treasury securities include bills, notes and other obligations issued or guaranteed by the US government, with maturities of 93 days or less.

The fund is managed under Rule 2a-7 of the Investment Company Act of 1940. That rule requires a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. In plain terms, the holdings are kept very short and conservative.

Data sites file BRSRV under real-world asset tokens, tokenized assets and tokenized money market funds. It is closer to a cash-management product placed on a blockchain than to a typical trading token.

Coverage of the August 2026 launch describes BRSRV as designed to serve as reserves for stablecoin issuers. A stablecoin issuer has to hold assets that back the tokens it has put into circulation. Those assets are usually cash and short-term government debt, and a tokenized fund can hold the same kinds of assets in a form that moves on a blockchain.

Tokenized funds are generally described as able to transfer almost in real time and to settle around the clock, rather than only during banking hours. That is the main selling point for an issuer that manages reserves across several networks.

The token has no known governance rights, staking function or gas role. It does not power a blockchain, and the public information available list no native chains. Its purpose is to represent exposure to the fund's short-term Treasury and repo holdings. Beyond the reserve use case, the public details are limited, so readers should consult the fund's own documents for exact terms.

As of 2026-11-05, BRSRV traded at about $1.00. The circulating supply was about 50.47 million tokens, which is also the total supply, and no maximum supply is listed. Market capitalization and fully diluted value were both about $50.5 million, and the token ranked around 440 by market cap on that date.

Those figures follow from how a fund-backed token works. Supply is not fixed by a code-level schedule. It presumably grows or shrinks as shares are created or redeemed, so the supply number reflects how much of the fund is currently on-chain. Treat any supply figure as a snapshot.

There is no inflation schedule, team allocation, vesting or token emission to analyze. The recorded all-time high and all-time low are both $1.00, dated 2026-08-10, which shows a price held flat since tracking began. Twenty-four-hour trading volume was not available in the data. The seven-day price change was 0 percent. Value in a product like this comes from the underlying assets and the fund's yield, not from market speculation.

BRSRV is issued on three networks: Ethereum, Solana and Tempo. Ethereum and Solana are widely used general-purpose blockchains. Tempo is a newer network that data sites list as its own ecosystem for tokenized assets. Having the same fund token on several chains is meant to let reserve managers keep assets close to where stablecoins circulate.

Tokenized fund shares are often subject to eligibility rules, so the way people hold or trade them can differ from ordinary tokens. Some are limited to approved or institutional holders. Some are held in wallets that have passed checks. One search result says the token can be bought on Coinbase in the US, but availability depends on region and platform, and it can change.

Because the token is built for reserve use, much of the activity may be institutional and happen off public order books. Reported trading volume may therefore look thin or be unavailable. Check the issuer's materials and your platform's rules to see who is allowed to hold and trade it.

BRSRV is recent. Reports dated August 4, 2026 describe BlackRock launching it as part of an expansion of its tokenized cash products, alongside a second tokenized fund. Coverage framed the launch as an addition to BlackRock's digital asset lineup, aimed at stablecoin reserves across multiple blockchains.

Data sites record its first price on 2026-08-10, which sets both its all-time high and all-time low at $1.00. No launch date is given in the underlying facts beyond that, and no one-year price change exists because the token has not been trading that long.

There are no known hacks, depegs, forks or governance disputes to report. The history so far is mostly about the product's arrival and growth in size to roughly $50 million in market value by early November 2026. A short track record means there is little evidence about how the token behaves under stress, which is worth keeping in mind.

The main risks are different from those of a typical crypto token. The first is fund and asset risk. Money market funds aim to preserve value but are not guaranteed, are not bank deposits and are not insured like them. A sharp move in interest rates, a failure of a repo counterparty or heavy redemptions could pressure the fund.

The second is access and redemption risk. If a token can only be redeemed by eligible holders, ordinary holders may have to sell on a market, where the price could drift from one dollar when liquidity is thin. Reported trading volume is limited.

The third is technology risk. Smart contract bugs, bridge problems or issues on any of the three chains could affect holders. Tokenized issuers may also be able to freeze or restrict transfers, which is a counterparty and compliance consideration rather than a flaw.

Finally, the product is new, so there is little history. Regulation of tokenized funds and stablecoin reserves is also still developing, and rule changes could alter how the token can be offered or held.

Because BRSRV lives on Ethereum, Solana and Tempo, store it in a wallet that supports the specific network you are using. Sending a token on the wrong chain can make it hard or impossible to recover, so check the network before every transfer and send a small test amount first.

If you hold it yourself, a hardware wallet keeps the private keys offline and is a common choice. Write down the recovery phrase on paper, keep it away from cameras and cloud storage, and never share it. Be careful with approval prompts and with fake token contracts that copy the name. Verify the contract address from the issuer's own materials.

Some tokenized funds only work with wallets that have passed an eligibility check, so a standard wallet may be unable to receive them. If you hold through an exchange or broker, the platform controls the keys, so consider its reputation and protections. This is general information, not financial advice.