BlackRock Stablecoin
BSTBLBSTBL is a proposed BlackRock tokenized stablecoin filed with Securitize, backed by money market fund shares holding US Treasuries, repo and cash. It targets an institutional, yield-bearing dollar substitute settled on-chain, but the filing is pending and the token is not yet liquid, with institutional-only access and a redemption window still to be defined. BSTBL carries a provisional RWTS Trust Score of 75/100 (Tier 2), reflecting BlackRock's reserve quality offset by an unproven launch, undefined redemption terms, and no track record. We will re-rate it once the product goes live and reserves are independently attested.
- Issuer / protocol
- BlackRock / Securitize
- Backing
- Money market fund shares (US Treasuries, repos, cash)
- Redemption / lock-up
- Institutional-only at launch. Redemption window TBD.
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 2 — Treasury & Fiat-Backed
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Projections assume constant APY of 0.00%. Actual returns may vary. Not financial advice.
Beyond BSTBL's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $50.00M indicates developing on-chain liquidity. Lock-up: Institutional-only at launch. Redemption window TBD..
Is BSTBL safe?
BSTBL (BlackRock Stablecoin) scores 75/100 on the independent RWTS Trust Score, which places it in Treasury & Fiat-Backed (Tier 2). Tier 2 is strong: institutional or fiat backing with solid verification, a notch below fully-reserved physical assets. Backing: Money market fund shares (US Treasuries, repos, cash). It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
9/15 · right 6/8 · routes 3/7If the issuer stopped cooperating tomorrow, could you get out?
One route, and it does not depend on the issuer
- independent
BlackRock via Securitize
Tokenised share class of a BlackRock vehicle, redeemed at NAV through the transfer agent.
- issuer
none
No venue carries volume and no pool clears the capacity floor. For a permissioned fund this is design, not defect: the token cannot be held by an unapproved address, so a public market cannot form.
Route 3: one route, and it is enforceable against a regulated manager rather than merely promised. Right 6 because access is gated by qualification and the minimum is institutional. There is no independent route, and for a permissioned fund there cannot be one.
This is the redeemability component of the Trust Score above, which stands at 75/100 (B+). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare BSTBL
Head to head on the Trust Score with similar assets.