Six of Wall Street's Biggest Managers Are Building Stablecoin Reserves. Two Have Actually Put the Money Onchain: BlackRock's US$2.7B and JPMorgan's US$899M.
Six of the world's biggest asset managers are racing to supply the reserves behind regulated stablecoins, and onchain the race has already narrowed to two. BlackRock's BUIDL fund holds about US$2.69 billion and JPMorgan about US$899 million — together roughly US$3.6 billion, nearly all the reserve cash that has reached a public blockchain. The other four named contenders have filed, piloted, or promised. The gap between who entered and who has arrived is the story the announcements obscure — and the two who arrived are the same firms that already dominate the reserves off-chain.
- Six of the largest asset managers on earth are publicly racing to supply the reserves behind regulated stablecoins, but only two have put real tokenized cash onchain at scale: BlackRock, whose BUIDL fund holds about US$2.69 billion, and JPMorgan, at roughly US$899 million across two funds. Together they hold about US$3.6 billion — nearly all of the reserve cash that actually exists onchain today. see data →
- The other four named firms are in the race on paper more than onchain. Goldman Sachs and BNY have tokenized their money-market funds, but on a private ledger no outsider can see or verify. Invesco has filed a fund but not launched it. Even BlackRock's two newly announced funds this week have no live, readable token yet. The gap between who is announced and who has arrived is the story: the stablecoin economy's foundation is being built faster in press releases than on the chain.
- These reserve funds are already becoming the machinery under other people's dollars: BlackRock's BUIDL makes up more than 90% of the backing behind Ethena's USDtb, and off-chain BlackRock already manages the fund holding the bulk of Circle's USDC reserves. As stablecoins scale into payment rails, their reserves start to resemble a systemically important balance sheet — and it is concentrating into the same incumbents, exactly the reserve-concentration risk the ECB has flagged. Crypto set out to disintermediate finance; the foundation of its most successful product is re-intermediating around BlackRock and JPMorgan.
Six of the world's largest asset managers are racing to supply the reserves behind regulated stablecoins, and onchain the race has already resolved to two. BlackRock and JPMorgan hold roughly US$3.6 billion of tokenized reserve cash between them — nearly all of what has actually reached a public blockchain. The other four named contenders, BlackRock's two new funds announced this week included, are so far filings, private pilots, and press releases.
Backing a stablecoin is becoming one of the more valuable positions in finance: a regulated stablecoin is a promise that each digital dollar is covered one-for-one by something safe, and whoever supplies that cover sits underneath a fast-growing slice of the dollar economy. The GENIUS Act made the job explicit, and six firms — BlackRock, JPMorgan, State Street, Invesco, Goldman Sachs and BNY — moved for it. The distance between how many entered and how many have arrived is the story the announcements obscure.
Two firms hold nearly all of it
BlackRock leads by a wide margin. Its BUIDL fund holds about US$2.69 billion in tokenized cash — roughly three times the next-largest reserve fund. JPMorgan is the only other firm at scale, near US$899 million across two funds. Together the two account for roughly US$3.6 billion, nearly all the reserve cash on a public chain today. The rest of the field trails at a distance: WisdomTree at US$764.6 million, Franklin Templeton at US$718.1 million, VanEck at US$193.1 million, and State Street, in but barely, at US$160.8 million.
Fig. 1
Two firms hold nearly all the onchain reserve cash
Six asset managers are competing to back stablecoins, but the reserve cash on a public chain concentrates in two: BlackRock's BUIDL (US$2.69B, roughly three times the next-largest fund) and JPMorgan (US$898.6M) hold about US$3.6 billion between them, ahead of a distant field led by WisdomTree (US$764.6M) and Franklin Templeton (US$718.1M).
The other four are still on paper
The firms missing from the top of that chart are not missing because they lost interest — they are missing because announcing a fund and putting one somewhere the world can see it are different things. Goldman Sachs and BNY have genuinely tokenized their money-market funds, but on a private, permissioned ledger only their own institutional clients can see — so none of it is reserve cash the public, or a stablecoin issuer, can openly verify. Invesco has filed a reserve fund but not launched it. And even BlackRock's two funds announced this week are, for now, announcements — there is no live, readable token yet to point to.
That is the real state of the race: six firms in it, two arrived. The gap between those numbers is not a detail — it is the story. It says the demand is real enough to pull in the biggest names in the business, and that the reserve capacity actually built and verifiable so far sits with two of them.
| Manager | Reserve fund | Where it stands | Onchain size |
|---|---|---|---|
| BlackRock | BUIDL | Live, public | $2.69B |
| JPMorgan | JLTXX + MONY | Live, public | $898.58M |
| State Street | SWEEP | Live, public (small) | $160.81M |
| Goldman Sachs | GS DAP fund | Live, private ledger | not public |
| BNY | GS DAP fund | Live, private ledger | not public |
| Invesco | Filed | Filed, not launched | — |
| BlackRock (new) | BSTBL + BRSRV | Announced this week | — |
The reserve layer is concentrating around the incumbents
These funds are not waiting for a use. They are already the collateral behind live stablecoins. BUIDL supplies more than 90% of the reserves behind Ethena's USDtb and anchors the white-label stablecoin infrastructure other issuers build on top of. Away from the public chain, BlackRock also runs the BlackRock-managed fund that holds the bulk of Circle's USDC reserves. The firm leading the onchain race is the firm that already leads the off-chain one, and a stablecoin issuer choosing whose Treasuries sit behind its coin is choosing a reserve manager — a decision that keeps resolving to the same short list of names.
That is the consequence worth sitting with. The GENIUS Act was written to turn stablecoins into payment rails, and a payment rail headed toward a trillion dollars is backed by a reserve that starts to function like a bank balance sheet in all but name — held, increasingly, through a handful of managers. Supervisors have reached this conclusion before the market has: the ECB has flagged reserve concentration as a financial-stability risk, and MiCA already compels euro issuers to spread reserves across multiple banks to blunt it. The consolidation this data captures is the same force arriving one layer lower and in public: an industry built to route around incumbent finance is assembling the foundation of its most-used product out of the incumbents themselves.
The count here is reserve-shaped cash — funds built to hold a steady $1.00 and readable on a public chain — which sets apart larger accumulating funds such as Circle-linked USYC (roughly US$3.0 billion), whose price climbs with yield and functions as an investment rather than a dollar of reserve. Fidelity and a handful of others hold public-chain reserve cash outside the six firms in the named race. The direction is what the next quarter will test: whether the capacity still sitting in filings and private ledgers surfaces from new names and widens the field, or lands with BlackRock and JPMorgan and hardens a two-firm foundation under the dollar's fastest-growing digital form.
BlackRock's BUIDL holds about US$2.69 billion across nine deployments; JPMorgan's JLTXX (US$796.3M) and MONY (US$102.3M) hold about US$899 million on public Ethereum, together roughly US$3.6 billion. The next-largest are WisdomTree (US$764.6M), Franklin (US$718.1M), VanEck (US$193.1M) and State Street (US$160.8M).
Verified Aug 5, 2026 · onchainbenchmark.com/research/coverageGoldman Sachs and BNY tokenized money-market funds on GS DAP, Goldman's private permissioned ledger, so their supply is not publicly readable. Invesco filed a Stablecoin Reserves Onchain Fund in June 2026 (no ticker, not yet live). BlackRock's BSTBL and BRSRV were announced Aug 3, 2026 with no public token address yet. None can be independently counted today.
Goldman/BNY–Canton release · CoinDesk (Invesco, BlackRock), 2025–26A reserve must hold a steady $1.00 so an issuer can back each stablecoin one-for-one; funds whose price accumulates above par (Circle-linked USYC at US$1.13, Superstate's USTB at US$11.17, Ondo's OUSG at US$116) are yield instruments, not reserve cash, and are set aside by design, not size. USYC (US$3.0B) is larger than BUIDL but the wrong shape for the job.
OnChain Benchmark — onchain NAV per token, Aug 5, 2026- Which asset managers are actually backing stablecoins onchain?
- As of August 5, 2026, six large managers are publicly racing to supply stablecoin reserves, but only two have real tokenized cash onchain at scale: BlackRock (BUIDL, about US$2.69 billion) and JPMorgan (about US$899 million across two funds). State Street is in but small (about US$160.8 million). Goldman Sachs and BNY have tokenized funds only on a private ledger that outsiders can't verify, and Invesco has filed but not launched. Together BlackRock and JPMorgan hold roughly US$3.6 billion — nearly all of the reserve cash that genuinely exists onchain today.
- Why does it matter who supplies stablecoin reserves?
- Because the reserve layer is becoming the machinery under the whole stablecoin economy, and it's concentrating. BlackRock's BUIDL already makes up more than 90% of the backing behind Ethena's USDtb, and off-chain BlackRock runs the fund holding most of Circle's USDC reserves. As stablecoins scale toward payment rails, a market headed toward a trillion dollars, backed by Treasuries held through a few managers, starts to resemble a systemically important balance sheet — which is why the ECB has flagged reserve concentration as a financial-stability risk and MiCA forces euro issuers to diversify. The onchain reserve race is that same concentration surfacing one layer down and in public, around the same incumbents.
- Aren't Goldman and BNY already doing tokenized funds? Why aren't they counted?
- They are — but on GS DAP, Goldman's private, permissioned ledger, which is built for institutional privacy and can't be read by anyone outside. Their funds are tokenized, but not somewhere the public or a stablecoin issuer can independently verify the reserves. This report counts reserve cash whose supply is visible on a public blockchain, and on that basis Goldman and BNY aren't yet on the board, while Invesco has only filed.
- Did BlackRock just launch two more reserve funds?
- On August 3, 2026 BlackRock announced BSTBL and BRSRV, two funds aimed at the stablecoin-reserve market. As of August 5 neither has a live, publicly readable token yet, so neither carries a number here — the same standard applied to every fund. They're likely to show up onchain in time, which is exactly the kind of announcement-becoming-real that the race now turns on.