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

Summary

Ketju does not approve BRSRV: we found no defect in how the fund works, but BlackRock does not publish the token contracts, one unnamed wallet holds the whole fund, and the minimum is $3 million. CoinGecko calls BRSRV the “BlackRock Daily Reinvestment Stablecoin,” but the token is a share of a money market fund. The fund is BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (ticker RSVXX), a series of BlackRock Funds registered under the Investment Company Act. BlackRock Advisors runs it under Rule 2a-7. Securitize Transfer Agent keeps the share register on chain. The fund launched on 3 August 2026 and held $50.2 million on 22 September. On Ethereum, one private key owns the token and can upgrade it. A second single key runs the wallet registrar, which can freeze a holder.

Review triggers
• 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

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-22.

Research

How it works

One BRSRV token is one OnChain Share of the fund, the only class it offers. BlackRock built the fund so that a stablecoin issuer can hold its reserves in a fund whose shares sit on a chain. BRSRV is a separate fund from BUIDL, which is a private fund in the British Virgin Islands.

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 states that the chain records, joined to Securitize’s list of who owns each wallet, “will constitute the official shareholder register.” The token is therefore the share. 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. Securitize mints a purchase the same day if the order arrives by 5:00 p.m. Eastern and the money by 6:30 p.m. Payment is in federal funds. An investor who holds USDC can send it through zerohash, which pays the fund in dollars. The fund declares dividends daily and reinvests them the next business day as new tokens, unless the holder elects cash. New tokens, from a purchase or a dividend, cannot move to another wallet for 24 hours. They may go straight to the redemption wallet.

The pattern shows on chain. Securitize mints the Ethereum token to one wallet each business day at about 14:35 UTC, with three days’ worth after a weekend. The 4,972.25 tokens minted on 22 September match BlackRock’s reported net flow of $4,972. BlackRock does not publish the contract addresses. We tie them to the fund through Securitize’s metadata and through these daily mints.

Size and holdings

The fund is a government money market fund under Rule 2a-7. At least 99.5 percent of its assets are in cash, U.S. government securities and repurchase agreements backed by them. It aims to hold a $1.00 share price. BlackRock’s product page gives the CUSIP as 09261A839 and a weighted average maturity of 36 days on 22 September 2026. S&P rates the fund AAAm and Moody’s rates it Aaa-mf. The daily distribution factor of 0.000100192 on 22 September works out to about 3.7 percent a year. The fund carries no deposit insurance and no SIPC cover.

The fund’s registration took effect on 31 July 2026, and BlackRock dates its performance from 3 August. On 22 September the fund held $50.2 million. Every Ethereum token sits in one wallet, 0xA7b4…A601. It is an ordinary address, and neither BlackRock nor Securitize names its owner. The wallet belongs to one investor or to one crypto bank’s omnibus account. Either way, one customer decides the fund’s size and flows.

Fees

The net expense ratio is 0.17 percent, against 0.18 percent gross, and the management fee is 0.12 percent. The trust’s board has decided that its government money market funds will not charge discretionary liquidity fees.

Withdrawals

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. The fund “typically” wires federal funds the same day, or the next day the custodian is open. The prospectus states that 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, but we did not find it published there. The prospectus states that the shares “will not be listed for trading” on an exchange or an alternative trading system. A holder can therefore redeem with the fund or sell privately to another whitelisted wallet.

Eligibility

With limited exceptions, only U.S. residents may hold the fund. A natural person must be a U.S. citizen or resident alien who lives in the United States or a U.S. territory and has 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.” Later purchases have no minimum. That $3 million is above most household allocations.

The prospectus expects many record owners to be trust accounts at crypto banks whose customers are stablecoin issuers. It says BlackRock may pay those banks for shareholder services. It publishes no list of states. No document bars an individual or a retirement account. Equally, BlackRock built nothing for them: there is no app, no small minimum and no custodian channel beyond Securitize. We have not decided whether a household client qualifies.

Who controls it

On Ethereum the token is a Securitize DS token behind an upgradeable proxy. We 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 wallets.

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. 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. A program-owned account holds all three, and one private key can upgrade the hook program. The Solana mint held no supply on 23 September. Tempo also held none, and we cannot yet read contracts on Tempo.

Losses and incidents

The fund has seven weeks of history. We found no break of the dollar price, no suspension and no regulatory action. BlackRock launched a second on-chain class, BSTBL OnChain Shares, at the same time; this memo does not cover it.

Comparison

BUIDL is a BVI private fund open to qualified purchasers, with a $5 million minimum. BRSRV is a registered fund open to U.S. residents, with a $3 million minimum. Franklin’s BENJI is the other registered money fund on chain. BRSRV asks far more to open ($3 million against $20) and offers no app. BRSRV uses the chain as the register, while Franklin keeps its own database. An ordinary government money fund held at a custodian lacks one feature: whitelisted transfers between wallets at any hour. BRSRV adds that feature and 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

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• 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

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.