According to BlackRock’s comment letter submitted Friday to the Office of the Comptroller of the Currency, the firm urged the OCC not to impose a 20% quantitative cap on tokenized reserve assets under the GENIUS Act’s implementation rules. BlackRock argued the limit is “extraneous” and that risk profiles depend on credit quality and liquidity, not whether assets are held on a distributed ledger. The position carries weight given BlackRock’s BUIDL tokenized Treasury fund, which holds nearly $2.6 billion in assets and backs over 90% of reserves for Ethena’s USDtb and Jupiter’s JupUSD stablecoins.
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