Investment manager BlackRock has redesigned one of its flagship treasury funds to cater directly to stablecoin issuers.

The new vehicle, called the BlackRock Select Treasury Based Liquidity Fund (BSTBL), is a revamp of the BlackRock Liquid Federal Trust Fund. 

This story is an excerpt from the Unchained Daily newsletter.

The fund now invests exclusively in short-term U.S. Treasury securities and overnight repurchase agreements, making it a highly secure and liquid reserve option for issuers of U.S. dollar-pegged stablecoins.

BSTBL is the first major asset management product explicitly designed to comply with the GENIUS Act, a new U.S. law signed by President Donald Trump in 2025 that established the first national framework for stablecoins.