BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (RSVXX), BRSRV token

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

CoinGecko calls BRSRV the “BlackRock Daily Reinvestment Stablecoin.” It is not a stablecoin. It is a share of BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (ticker RSVXX), a government money market fund registered under the Investment Company Act, a series of BlackRock Funds, and run by BlackRock Advisors under Rule 2a-7. The fund exists so that a stablecoin issuer can hold its reserves in a fund whose shares sit on a chain. It is not a class of BUIDL, which is a private fund in the British Virgin Islands. The fund launched on 3 August 2026 and had $50.2 million on 22 September. Securitize Transfer Agent keeps the record, and the prospectus says the chain records, joined to Securitize’s list of who owns each wallet, “will constitute the official shareholder register.” So the token is the share. The terms are those of an ordinary institutional money fund: U.S. residents only, $3 million to open, orders by 5:00 p.m. Eastern, tokens burned and dollars wired the same day, dividends paid each day as new tokens. We read the research as favorable with conditions, and leave the model client question open. The fund is the best-regulated wrapper a tokenized dollar fund can have. The conditions are three. BlackRock does not publish the contract addresses; we tie them to the fund through Securitize’s metadata and through daily mints that match BlackRock’s published flows to the dollar. The whole fund sits in one Ethereum wallet whose owner is not public. And the $3 million minimum sits above most household allocations, though the fund’s officers may waive it. On chain, one private key owns the Ethereum token and can upgrade it, and a second single key runs the wallet registrar that can freeze a holder.

Research triggers: events that reopen the assessment or shelf decision
• BlackRock or Securitize publishes contract addresses that differ from those read here
• The fund changes who may hold, the $3 million minimum, the 5:00 p.m. cutoff, or same-day payment
• The Ethereum token owner or wallet-registrar owner moves to a multisig or timelock, or the implementation changes
• The fund breaks its dollar price, suspends redemptions, or the single holder leaves
• Supply appears on Tempo or Solana

The research file

What the holder owns

One BRSRV token is one OnChain Share of the fund, the only class it offers. The fund is a government money market fund under Rule 2a-7: at least 99.5 percent of its assets sit in cash, U.S. government securities, and repurchase agreements backed by them, and it aims to hold a $1.00 share price. BlackRock’s product page gives the CUSIP as 09261A839, a weighted average maturity of 36 days on 22 September 2026, an S&P rating of AAAm and a Moody’s rating of Aaa-mf, and a net expense ratio of 0.17 percent against 0.18 percent gross; the management fee is 0.12 percent. The daily distribution factor of 0.000100192 on 22 September works out to about 3.7 percent a year. The trust’s board has decided its government money market funds will not charge discretionary liquidity fees, and the fund carries no deposit insurance and no SIPC cover.

How the record works

Securitize Transfer Agent, an SEC-registered transfer agent, “maintains the official record of ownership of OnChain Shares on the public blockchains that are used by the Fund’s investors.” The prospectus names Ethereum, Tempo, and Solana. An investor passes Securitize’s know-your-client and anti-money-laundering checks at BRSRV.invest.Securitize.io, and Securitize whitelists each wallet. A purchase received by 5:00 p.m. Eastern and funded by 6:30 p.m. is minted that day. Payment is in federal funds; an investor who holds USDC can route it through zerohash, which pays the fund in dollars. Dividends are declared daily and reinvested the next business day as new tokens unless the holder elects cash. New tokens, from a purchase or a dividend, are locked for peer-to-peer transfer for 24 hours but may go straight to the redemption wallet. The pattern shows on chain: the Ethereum token mints to one wallet each business day at about 14:35 UTC, three days’ worth after a weekend, and the 4,972.25 tokens minted on 22 September match BlackRock’s reported net flow of $4,972.

How money gets out

The holder moves tokens to the fund’s redemption wallet on chain by 5:00 p.m. Eastern on a business day. Securitize burns them that day and the fund “typically” wires federal funds the same day, or the next day the custodian is open. The prospectus says redemptions do not depend on any chain working: if a network stalls, Securitize takes the request off chain. The prospectus sends holders to blackrock.com/cash to find the redemption wallet; we did not find it published there. There is no listing and no exchange. The prospectus says the shares “will not be listed for trading” on an exchange or an alternative trading system, so the exit is the fund itself or a private sale to another whitelisted wallet.

Who may hold

With limited exceptions, U.S. residents only. A natural person must be a U.S. citizen or resident alien living in the United States or a U.S. territory with a U.S. taxpayer number; an entity or intermediary must be domiciled in the United States. The first purchase is $3 million, “although the Fund’s officers may reduce or waive the minimums in some cases,” and later purchases have no minimum. The prospectus expects many record owners to be trust accounts at crypto banks whose customers are stablecoin issuers, and says BlackRock may pay those banks for shareholder services. It publishes no list of states. Nothing in the documents bars an individual or a retirement account, but nothing in them is built for one either: there is no app, no small minimum, and no custodian channel beyond Securitize.

Who controls the tokens

On Ethereum the token is a Securitize DS token behind an upgradeable proxy. The reader found an allowlist, a pause, a freeze through the lock manager, a burn that can take tokens from a holder, a mint through issueTokens, and an upgrade path. One private key, 0xe016…b09e, owns the token, which gives it the admin and upgrade powers; a second single key, 0x28e3…b3fd, owns the wallet registrar, which can whitelist and freeze. The prospectus describes these powers: the contracts support “ability to claw back tokens under certain circumstances,” the fund may “freeze shareholder wallets” for money laundering and sanctions reasons, and Securitize may revoke and burn stolen tokens and reissue them to a new wallet. On Solana the mint is a Token-2022 mint with a freeze authority, a permanent delegate that can move any balance, and a transfer hook, all held by a program-owned account; one private key can upgrade the hook program. The Solana mint held no supply on 23 September. Tempo also held none, and our reader cannot yet read Tempo.

The record so far

Seven weeks. The fund’s registration took effect on 31 July 2026, BlackRock dates its performance from 3 August, and on 22 September it held $50.2 million. Every Ethereum token sits in one wallet, 0xA7b4…A601, an ordinary address whose owner neither BlackRock nor Securitize names. That is one investor, or one crypto bank’s omnibus account; either way, the fund’s size and flows are one customer’s decisions. No break of the dollar price, suspension, or regulatory action was found. BlackRock launched a second on-chain class, BSTBL OnChain Shares, at the same time; this memo does not cover it.

Comparison

Against BUIDL, BRSRV swaps a BVI private fund open to qualified purchasers for a registered fund open to U.S. residents, and swaps a $5 million minimum for $3 million. Against Franklin’s BENJI, the other registered money fund on chain, it asks far more to open ($3 million against $20), offers no app, and keeps the chain as the register where Franklin keeps its own database. Against an ordinary government money fund held at a custodian, it adds whitelisted transfers between wallets at any hour and adds the risk that a key, a contract, or a chain fails. For a household that does not need to move shares between wallets, the ordinary fund does the same job with fewer parts.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• SEC EDGAR: BlackRock Funds 485BPOS, prospectus and SAI for BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, effective 31 July 2026 · primary · accessed 2026-09-23
  Supports: government money market fund, OnChain Shares, Securitize official record, official shareholder register, U.S. residents only, $3 million minimum waivable, 5:00 p.m. cutoff, same-day burn and wire, redemption not conditioned on chain, 24-hour lock, zerohash, claw back, freeze wallets, revoke stolen tokens, crypto intermediaries, not listed
• SEC EDGAR: summary prospectus (497K), 3 August 2026 · primary · accessed 2026-09-23
  Supports: management fee 0.12%, summary terms
• BlackRock: fund product page · primary · accessed 2026-09-23
  Supports: RSVXX, CUSIP 09261A839, $50.2 million, net flows $4,972, distribution factor, WAM 36 days, AAAm, Aaa-mf, expense ratio
• SEC EDGAR: form of Securitize transfer agent and registrar agreement (exhibit, 28 August 2026) · primary · accessed 2026-09-23
  Supports: Securitize registered transfer agent
• Securitize: BRSRV token metadata · primary · accessed 2026-09-23
  Supports: Solana mint tied to the fund
• Blockscout: BRSRV on Ethereum · secondary · accessed 2026-09-23
  Supports: one holder, daily mint pattern, deployer
• CoinGecko: BlackRock Daily Reinvestment Stablecoin Reserve Vehicle · secondary · accessed 2026-09-23
  Supports: market capitalization, contract addresses

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.