BlackRock Manages $67B of USDC Reserves, Runs Tokenized Funds

BlackRock manages roughly $67 billion of Circle’s USDC reserves through the Circle Reserve Fund, which represents about 87% of USDC’s backing, and runs $2.93 billion in tokenized on‑chain funds across three products. The firm joined the Open USD consortium as a founding partner on June 30, 2026.

BlackRock’s flagship tokenized product is the BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL. Launched in March 2024 with Securitize as transfer agent, BUIDL holds short‑duration U.S. Treasury bills, repurchase agreements and cash held at BNY Mellon. The fund had $2.58 billion in assets when it received a Moody’s AAA‑mf rating. BUIDL offers same‑day settlement and daily yield distribution and uses USDC as its primary subscription and redemption currency.

Access to BUIDL is limited to qualified purchasers, with minimum investments of $5 million for individuals and $25 million for institutions. BUIDL launched on Ethereum and has expanded to Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos and BNB Chain. Its tokens have been listed on Uniswap v4, Komainu accepts BUIDL as collateral for margin and repo, and Ondo Finance uses BUIDL within its OUSG product.

On May 8, 2026, BlackRock filed two additional tokenized fund products with the SEC. BRSRV, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, is designed to meet GENIUS Act reserve requirements for stablecoin issuers, targets investors operating from crypto wallets and stablecoins, requires a $3 million minimum and uses an OnChain Shares multi‑chain structure. BSTBL adds a tokenized share class to an existing Select Treasury‑Based Liquidity Fund, using ERC‑20 shares maintained by BNY Mellon on Ethereum.

BlackRock joined more than 140 partners in the Open USD consortium, a network that distributes reserve yield across participants rather than retaining it at a single issuer. BlackRock manages Circle’s reserves while participating in the consortium. If Open USD captures market share from USDC, the amount of assets BlackRock manages for Circle would change accordingly.

BlackRock also took part in the DTCC’s July 15, 2026 live production pilot for tokenized securities, using Hyperledger Besu and Canton Network alongside other institutions. The firm’s work with custody and collateral providers such as Komainu links its tokenized funds to trading and repo workflows used by institutional counterparties.

Tokenized real‑world asset markets grew about 410% to roughly $31 billion in 2026; BlackRock’s $2.93 billion in tokenized on‑chain products represents about 9.5% of that market. BlackRock reports approximately $14 trillion in total assets under management. At roughly $70 billion of reserve assets under management, a 0.1% management fee would generate about $70 million a year before fund expenses.

Operational and regulatory issues remain on record. Competing institutional tokenized funds from State Street (SSCXX) and Fidelity (FDRXX) launched in June 2026 and may affect fee levels. Securitize functions as the transfer agent for multiple BlackRock tokenized products, creating a single operational dependency. Regulators are reviewing whether blockchain‑native OnChain Shares qualify as GENIUS Act‑eligible reserve assets, with final rules expected after the July 18, 2026 deadline.