BRSRV, issued by BlackRock Investments, LLC, is a tokenized government money market fund interest that seeks current income consistent with liquidity and stability of principal, offered as OnChain Shares recorded natively on public blockchains [S1].

The Fund invests 100% of its total assets in cash, U.S. Treasury bills and notes maturing in 93 days or less, and overnight repurchase agreements secured by Treasury instruments [S1]. It qualifies as a Rule 2a-7 government money market fund and targets a stable NAV of $1.00 per share [S1]. Dividends accrue daily, including weekends, and are reinvested [S1][S2]. The net expense ratio is 0.17%, with fees contractually waived through June 30, 2028 [S1].

The issuer, BlackRock Investments, LLC, is organized in the United States, and the Fund is a series of BlackRock Funds registered under the Investment Company Act of 1940 and regulated by the Securities and Exchange Commission (SEC) [S1]. Holders acquire OnChain Shares representing a beneficial interest in the Fund, with a minimum initial investment of 3,000,000 U.S. dollars (USD) [S1]. Participation is limited to allow-listed investors whose wallets pass AML and KYC screening performed by the transfer agent before account opening and on a daily basis [S2]. The Fund intends to operate such that OnChain Shares qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act [S1].

OnChain Shares are issued natively onchain, one token per share, through a permissioned system connected to one or more public, permissionless blockchains [S1][S2]. Subscriptions settle offchain, after which tokens are minted to the investor wallet; redemptions are initiated onchain by transferring tokens to the Fund redemption wallet address [S2]. Transfers occur between allow-listed wallets with near real-time settlement, and NAV is published daily [S1][S2].

<Sources
  retrievedAt="2026-08-06"
  items={[
    { id: "S1", url: "https://www.blackrock.com/cash/en-us/products/351891/blackrock-daily-reinvestment-stablecoin-reserve-vehicle" },
    { id: "S2", url: "https://www.blackrock.com/cash/en-us/what-are-tokenized-money-market-funds-t3" },
  ]}
/>


# APY methodology

## 1. Overview

APY measures the annualized yield accrued by holding a yield-bearing token. On-chain state is standardized into a yield index that captures yield accrual regardless of mechanism — whether the token grows in value against its underlying (e.g. ERC-4626 vaults) or rebases in quantity (e.g. stETH). A 7-day trailing window is used to annualize the growth of this index over time.

## 2. Data sources

- **EVM chain state reads**: `convertToAssets` functions from ERC-4626 contracts, `getReserveNormalizedIncome` functions from Aave contracts, `pricePerShare` functions from ERC-7540 contracts, and NAV feeds from oracle contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Asset metadata**: Token addresses and decimal precision.
- **External data**: End-of-day price feeds.

## 3. Step-by-step calculation

### Component A: Yield index extraction

- **Purpose**: Retrieve daily cumulative yield indices from on-chain sources.
- **Logic**: Daily yield indices are aggregated from contract state reads across supported chains. These indices represent the current exchange rate or internal value of a yield-bearing token in terms of its underlying asset. On EVM-compatible chains, data is retrieved from standard interfaces including ERC-4626 vaults, lending market reserve indices, and specialized share-price functions. Amounts are normalized by decimal precision.
- **Key fields**: `yield_index_normalized` (cumulative yield index), `token_address` (asset contract), `timestamp` (record time)

### Component B: Trailing yield annualization

- **Purpose**: Compute the annualized growth rate of the yield index.
- **Logic**: A 7-day trailing window is applied by comparing the current yield index to the index recorded seven days prior. The ratio of change between these two points is annualized to produce the APY.
- **Key fields**: `asset_apy` (calculated annualized yield)

### Component C: Cross-chain deduplication and final aggregation

- **Purpose**: Consolidate yield data into a single daily value per asset.
- **Logic**: Data is combined across all supported chains. For assets deployed on multiple networks, a representative APY is selected by identifying the value closest to the cross-chain median for that specific timestamp. This process ensures that deployment-specific spikes or stale data from less active chains are mitigated. The resulting value is mapped to the global asset identifier and recorded as the daily APY.
- **Key fields**: `asset_id` (unique asset identifier), `asset_apy` (final annualized yield)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Annualized yield that holding the token accrues relative to its underlying asset.

Asset APY

Tokenized funds

Investors deposit funds into the funds managed by BlackRock, and BlackRock charges management fees. We currently track the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in 2024.

BlackRock is the world's largest investment manager, with $10 trillion in assets under management. It was founded in 1988. Note that the data shown for BlackRock covers only its tokenized onchain products, such as the BUIDL money market fund.

BLK shareholders own and govern the company. They currently take a cut of the total return on investment and total assets under management (revenue).

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Real-world asset (RWA) issuers

BlackRock

BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) is a tokenized fund share issued by Securitize through BlackRock Funds and managed by BlackRock Advisors, LLC.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. money market instruments and government debt, and charges a 0.12% annual management fee.

Its assets sit with The Bank of New York Mellon, administered by BNY Mellon Investment Servicing (US) Inc., with Securitize Transfer Agent, LLC as transfer agent.

Retail investors and institutions can subscribe and redeem after completing KYC, and holders have a right to redeem at net asset value.

BlackRock Funds is incorporated in the United States, is registered under the U.S. Investment Company Act of 1940, and is supervised by the U.S. Securities and Exchange Commission (SEC).

BRSRV has been issued on public blockchains since July 2026 and is native to Solana, Ethereum, and Tempo.

BlackRock Daily Reinvestment Stablecoin Reserve VehicleBRSRV