Dokar GENIUS ba ta barin stablecoins su biya riba. A ranar 8 ga Mayu 2026, BlackRock ta shigar da rajistar SEC guda biyu don samfuran da ke warware wannan takura ta hanyar daidaita su a matsayin money market funds maimakon stablecoins — yayin da suke aiki, a cikin wallet, kamar daloli masu ba da riba a kan blockchain na jama'a.
Babban Abubuwan Da Aka Koya
- Dokar GENIUS, wacce aka sanya wa hannu a watan Yuli 2025 kuma yanzu take a watannin ƙarshe na tsara dokokinta, ta haramta wa masu bayar da payment stablecoin biyan riba ko yield ga masu riƙe da su kawai don riƙewa, amfani, ko ajiye stablecoin. Shawarar OCC ta watan Maris 2026 ta ƙara tsananta wannan tare da zaton da za a iya ƙalubalanta cewa tsare-tsaren yield na abokan haɗin gwiwa da na waje suma sun keta wannan dokar.
- Matsalar tattalin arziki da wannan ke haifarwa a bayyane take. Tare da kusan dala biliyan 281 na payment stablecoins da ke yawo da kuma yawan amfanin Treasury (Treasury yields) da ke kan mafi girman matsayi na tsawon shekaru da yawa, tazarar da ke tsakanin abin da mai riƙe da wallet ke karɓa (sifili) da abin da ajiyar kuɗaɗen da ke ƙasa ke samu (~4–5%) yanzu ya kai biliyoyin daloli a kowace shekara.
- A ranar 8 ga Mayu 2026, BlackRock ta shigar da sanarwar rajistar SEC guda biyu waɗanda ke amfana da wannan tazarar ba tare da keta haramcin yield ba — saboda babu ɗaya daga cikin samfuran da yake stablecoin a bisa doka.
- BRSRV (BlackRock Daily Reinvestment Stablecoin Reserve Vehicle) wani sabon money market fund ne wanda ke riƙe da tsabar kuɗi, Treasuries na ƙasa da kwanaki 93, da kuma overnight Treasury repos. Yana fitar da "OnChain Shares" ta hanyar tsarin multi-chain da ke da izini tare da Securitize Transfer Agent LLC a matsayin mai riƙe da rajistar mallaka ta doka. Mafi ƙarancin saka hannun jari: dala miliyan 3. An ƙera shi ne don ya cancanci zama ingantaccen kadarar ajiya (eligible reserve asset) a ƙarƙashin Dokar GENIUS.
- BSTBL shi ne shigarwar da ta fi mahimmanci ta fuskar tsari (architecture). Yana ƙara rukunin hannun jari na ERC-20 (ERC-20 share class) a kan asusun BlackRock na yanzu mai suna Select Treasury Based Liquidity Fund na dala biliyan 6–7, tare da BNY Mellon Investment Servicing a matsayin wakilin canja wuri (transfer agent), yana yin rajistar masu hannun jari a kan Ethereum. Wannan shi ne karon farko da aka ƙara rukunin hannun jari na Ethereum na jama'a a kan samfurin money market na BlackRock da ke akwai.
- Tsarin yanzu ya fito fili a cikin masana'antar. Tokenised money market funds sune tsarin da Dokar GENIUS, ta hanyar haramta yield a kan stablecoins, ta sa ya zama dole. Kasuwar Treasury da aka tokenise ta dala biliyan 14 — wacce BUIDL na BlackRock ke jagoranta da kusan kashi 40% na rabon kasuwa — ita ce farkon alamun inda sabon rukunin "wallet dollars" yake ajiye.
Shigarwa da Kuma Ke Zama Matsayin Siyasa
Shigar da takardu guda biyu na BlackRock a ranar 8 ga Mayu 2026 bai zo a cikin wofi ba. Sun zo ne mako guda bayan BlackRock ta ƙaddamar da wasiƙar sharhi mai shafuka goma sha bakwai ⧉ ga Ofishin Kwanturola na Kuɗaɗe (Office of the Comptroller of the Currency - OCC) a ranar ƙarshe ta lokacin sharhi game da dokokin aiwatar da Dokar GENIUS — kuma kwanaki huɗu bayan BlackRock ta buga taƙaitaccen bayani na fili akan X ⧉ na shawarwarinta guda bakwai na tsakiya ga hukumar.
Shawarwarin da sabbin shigarwar an fi fahimtar su azaman takarda ɗaya mai sassa biyu. Wasiƙar sharhin ta ba da hujjar cewa ya kamata OCC ta janye shawararta na sanya iyakar kashi 20% a kan tokenised reserve assets, ta tabbatar da cewa ETFs da suka cancanta suna samun kulawa iri ɗaya da na government money market funds, kuma ta ba da damar GMMFs masu daidaitawa a rana ɗaya su shiga cikin mafi ƙarancin ruwa na mako-mako (weekly liquidity floor). Shigarwar, kwanaki huɗu bayan haka, ta yi rajistar ainihin kayayyakin da ke amfana da waɗannan matsayi: sabon asusu (BRSRV) da aka ƙera shi musamman don ya cancanci zama eligible reserve a ƙarƙashin Dokar GENIUS, da kuma rukunin hannun jari na tokenised (BSTBL) a kan asusun Treasury liquidity na dala biliyan 6-7 da kamfanin ke da shi a halin yanzu. Ko OCC ta amince da matsayin BlackRock a cikin dokar ƙarshe ko a'a, kamfanin yanzu ya sanya samfuransa a cikin muhawarar siyasa tare da takamaiman bayani da ke da wuya mai daidaita dokoki (regulator) ya yi watsi da shi.
Wannan shi ne yanayin dabarun abin da, a karon farko, ke kama da fasahar shari'a mai wayo. Ya fi dacewa a karanta shi a matsayin babban mai kula da kadarori (asset manager) mafi girma a duniya yana bayyana inda layin da ke tsakanin "stablecoin" da "tokenised security" ya kamata ya kasance a cikin dokar Amurka — kuma yana rajistar samfuran da za su rayu a kowane ɓangare na wannan layin.
Dalilin Da Ya Sa Stablecoins Ba Su Iya Biyan Riba (Yield)
Dokar GENIUS, wacce aka sanya wa hannu a watan Yuli 2025 kuma yanzu ta kasance tushen dokokin OCC, FDIC, da na Federal Reserve da ke rarrafe da juna, tana zana bambanci mai kyau na tunani. "Payment stablecoin" a ƙarƙashin Dokar wata kadara ce ta dijital da aka tsara don kiyaye daidaiton ƙima dangane da kuɗin fiat, wanda ke goyan bayan ingantattun reserves, kuma ana iya fansa a kan ƙimar par. "Permitted payment stablecoin issuer" (PPSI) wata hukuma ce ta tarayya ko ta jiha da ke da izinin fitar da irin wannan token ɗin. Kuma sashi na 4(a)(11) na Dokar ⧉ ya haramta wa kowane PPSI biyan riba ko yield ga masu riƙewa kawai don riƙewa, amfani, ko ajiye stablecoin ɗin.
Dokar da OCC ta ba da shawara a watan Maris 2026 ⧉ ta tsawaita wannan haramcin ta fuskar aiki. Ta kafa zaton da za a iya ƙalubalanta cewa tsare-tsaren da ke tura yield ta hannun abokin haɗin gwiwa ko wani ɓangare na uku mai alaƙa — misali, musayar crypto (crypto exchange) da ke biyan "kudaden ladan aminci" (loyalty rewards) ga masu riƙe da wani stablecoin na musamman — suma sun keta dokar, tare da ɗora nauyi a kan mai bayarwa don ya nuna akasin haka. Tsarin farar alama (white-label arrangements), inda PPSI ke ba da kadarorin dijital waɗanda wani abokin tarayya ya yi wa lakabi da sunansa wanda kuma shi ke biyan yield, ana ɗaukarsu a sarari a matsayin hanyoyin kauce wa doka. Ofishin Kwanturola ya ba da alama a farkon 2026 ⧉ cewa tsarin "kofa ta baya" (loophole) na mai bayarwa-yana-biya-ta-hanyar-aboki ba zai tsira ba a cikin tsara dokoki na ƙarshe a kowane irin yanayi mai sassauci.
Dalilin tattalin arziki na wannan haramcin ana jayayya a kansa. Gabatarwa daga masana'antar banki zuwa OCC sun yi gardama kan tsauraran haramcin a kan cewa stablecoins masu samar da yield za su kwashe ajiyar banki na ma'amala (transactional bank deposits) — kasuwar da hukumar ba da shawara ta Treasury ta Amurka ta kiyasta ta kai kusan dala triliyan 6.6 ⧉, wanda wani kaso mai ma'ana daga ciki yake "cikin haɗari" daga gasa tare da masu mayurbin dala masu samar da yield. Gabatarwa na masana'antar crypto, karkashin jagorancin Coinbase, sun yi jayayya akasin haka: cewa tallafi (incentives) sune mabuɗin gasa a cikin biyan kuɗi, kuma babban haramci zai haifar da asarar jin daɗin rayuwa ba tare da yin tasiri mai yawa ga ba da lamuni na banki ba.
Duk wani ɓangare da ke da mafi kyawun hujjar siyasa, sakamakon shari'a a yanzu an daidaita shi: stablecoin a cikin ma'anar tsarin Dokar GENIUS ba zai iya biyan mai riƙe da shi yield ba. Amma abin da ba zai iya yi ba, shi ne ya ayyana abin da mai riƙe zai iya yi da kuɗinsa na gaba. Kuma a nan ne tsarin (architecture) ya bambanta.
Tsarin Ginawa na BRSRV
BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a cikin aikinsa na ciki, asusu ne na money market wanda babu wani abin ban mamaki game da shi. Yana riƙe da tsabar kuɗi, takardun kuɗi na US Treasury masu cika wa a cikin kwanaki 93 ko ƙasa da haka, da kuma yarjejeniyar sake siyan kwana ɗaya (overnight repurchase agreements) waɗanda Treasuries ke goyan baya. Yana tafiya daidai da Rule 2a-7 a ƙarƙashin Investment Company Act na 1940 — tsari iri ɗaya na daidaita dokoki wanda ke jagorantar kuɗaɗen money market na hukumomi tsawon shekaru arba'in. Yield ɗinsa, kamar kowane government MMF, ya samo asali ne daga yawan kuɗin Treasury na ɗan gajeren lokaci da ke aiki a lokacin.
Abin da yake sabo shi ne rukunin hannun jari (share class). Ana bayar da hannun jarin BRSRV a matsayin "OnChain Shares" ta hanyar tsarin da ke da izini ⧉ wanda ke haɗawa da blockchains na jama'a da yawa, tare da Securitize Transfer Agent LLC yana aiki a matsayin babban wakilin canja wuri na hukuma ⧉. Tsarin tantancewa na off-chain — irin tsarin KYC da ke goyan bayan asusun BlackRock na yanzu mai dala biliyan 2.9 na BUIDL fund ⧉ — yana haɗa adiresoshin wallet ga verified investors. Mafi ƙarancin saka hannun jari: dala miliyan 3. Shigarwar ba ta ambaci waɗanne blockchains asusun zai tallafa musu ba lokacin ƙaddamarwa.
An tsara samfurin musamman, kamar yadda majiyoyi da yawa suka lura ⧉, don ya cancanci zama eligible reserve asset a ƙarƙashin Dokar GENIUS. Wanda ake son sayar wa ba mai amfani da wallet na yau da kullum (retail) ba ne. Mai bayar da stablecoin ne (ko kuma sashin gudanar da kuɗi na kamfani wanda ke riƙe da stablecoins a matsayin wani ɓangare na dabarun aiki) wanda ke buƙatar kayan aiki na Treasury-yielding wanda zai iya riƙewa ta hanyar tsari na kwamfuta (programmatically) a kan hanyoyin blockchain iri ɗaya da stablecoins ɗin da kansu. Bayanin a taƙaice a cikin jimla ɗaya shi ne: ajiye reserves ɗinka a kan chain, ka sami yawan amfanin Treasury, kuma ka gamsar da regulator.
Ga BlackRock, matsayin dabarar ya fi kaifi fiye da yadda yake bayyana. Asusun BUIDL da take da shi a halin yanzu yana goyan bayan fiye da kashi 90% na reserves na biyu daga cikin manyan kayayyakin da ke da alaƙa da "yield-bearing" stablecoin — USDtb na Ethena da kuma JupUSD na Jupiter da ke kan Solana. BRSRV ita ce haɓakar wannan matsayi da aka sadaukar kuma ta san game da GENIUS: samfurin Treasury-yield na jumla wanda aka gina shi musamman don tsarin tafiyar da reserve-management na kowane PPSI da zai wanzu a ƙarƙashin sabon tsarin.
Tsarin Ginawa na BSTBL
Shigarwa ta biyu ta fi ban sha'awa ta fuskar aiki kuma ta fi mahimmanci ta fuskar tsari (architecture). BSTBL — wanda shine on-chain share class na asusun BlackRock Select Treasury Based Liquidity Fund da ke akwai — ba sabon asusu ba ne. Wani sabon rukunin hannun jari ne da aka ɗora a kan samfurin money market wanda riga yake kula da kaddarori na kusan dala biliyan 6-7, wanda kuma aka sake tsara shi a watan Oktoba 2025 zuwa tsarin da ya dace da GENIUS ⧉ tare da ƙayyadadden lokacin ciniki na ƙarfe 5 na yamma ET da kuma umarnin Treasury mai nauyi, kuma yanzu ana tsawaita shi zuwa Ethereum a matsayin ERC-20 token.
Wakilin canja wuri (transfer agent) na wannan rukunin hannun jari shi ne BNY Mellon Investment Servicing ⧉, wanda zai kiyaye bayanan masu hannun jari na hukuma akan Ethereum ta amfani da tsarin ERC-20. Tsarin KYC na off-chain yana haɗa wallets zuwa bayanan tantancewar mai saka hannun jari, kamar yadda yake yi don BUIDL da kowane asusun tokenised mai bin doka a kasuwa a yau. Babban bambanci da BRSRV shi ne chain ɗin (Ethereum, na jama'a, tare da ERC-20 token a matsayin wakilcin hannun jari) da kuma transfer agent ɗin (BNY maimakon Securitize) — da kuma gaskiyar cewa wannan ne karon farko da aka ƙara rukunin hannun jari na Ethereum na jama'a a kan wani asusun money-market na BlackRock da ke akwai.
Wannan bayani na ƙarshe shi ne wanda ya kamata a yi la'akari da shi sosai. Kayayyakin tokenised na baya na BlackRock — musamman BUIDL — an tsara su ne a matsayin sabobbin kuɗaɗe masu tsarin on-chain na asali (native architecture). BSTBL yana ɗaukar hanya daban kuma mai yiwuwa mafi tasiri: tokenise babban samfurin money market na gargajiya ta hanyar ƙara sabon rukunin hannun jari, maimakon gina wani tsari na daban. Ma'anar wannan ita ce kowane MMF na BlackRock da ke akwai zai iya, a bisa manufa, bin wannan tsari. Haka nan kuma duk wani asusun MMF na masu fafatawa — na Vanguard, Fidelity, JPMorgan, State Street. Katangar tsari (architectural barrier) don tokenising masana'antar money market fund na gargajiya, bayan BSTBL, ya ragu fiye da kowane lokaci.
A cikin mahallin masana'antar: tokenised US Treasuries sun haɓaka daga kusan dala biliyan 2 zuwa dala biliyan 14 har zuwa watan Mayu 2026 ⧉, tare da BUIDL na BlackRock a kusan kashi 40% na rabon kasuwa, BENJI/FOBXX na Franklin Templeton a kan dala miliyan 850, da kuma samfuran OUSG da USDY na Ondo Finance a matsayi na biyu. Dala biliyan 50-100 na gaba ana iya tunanin cewa tuni suna kan tafiya ta hanyar shigarwa kamar BSTBL.
Payment Stablecoin vs Tokenised Money Market Fund: Bambancin Da Ke Da Muhimmanci
Ga mai karatu wanda ba ƙwararre ba, bambancin da ke tsakanin "stablecoin" da "tokenised money market fund share" na iya zama kamar wani ƙayyadadden tsari na doka kawai. Amma ba haka ba ne. Kayan aikin guda biyu suna da matsayi daban-daban a cikin dokar tsaro ta Amurka (US securities law) kuma sakamakon haka yana bayyana a cikin duk ƙirar samfurin.
| Dimension | Payment Stablecoin (a ƙarƙashin Dokar GENIUS) | Tokenised MMF Share (Tsarin BRSRV / BSTBL) |
|---|---|---|
| Matsayin Shari'a | Kayan aikin biyan kuɗi | Tsaro (hannun jarin asusu) |
| Tsarin Gudanarwa | Dokar GENIUS; OCC/FDIC/Fed rulemakings | Investment Company Act 1940; Rule 2a-7 |
| Mai Bayarwa | Permitted Payment Stablecoin Issuer (PPSI) | SEC-registered fund (da transfer agent) |
| Bukatun Ajiya (Reserves) | Tsabar kuɗi, gajeren Treasuries, repos — tsaurara | Tsabar kuɗi, gajeren Treasuries, repos — Rule 2a-7 |
| Zai Iya Biyan Yield ga Mai Riƙewa | A'a (Sashi na 4(a)(11)) | Ee (yield ɗin shi ne dawowar da aka samu a kan hannun jarin) |
| Fansawa | A kan par, lokacin da ake buƙata | A kan NAV, yawanci T+0 ko T+1 |
| Littafin Mallaka | Wallet na mai bayarwa / on-chain | Transfer agent (na shari'a); blockchain (na aiki) |
| Mafi Ƙarancin Saka Hannun Jari | Babu (na gama gari/retail) | Mai yawa ($3M ga BRSRV; na hukumomi ga BSTBL) |
| Haɗuwa da DeFi (Composability) | Babba | Babba (BUIDL ya kafa misali) |
| Ƙwarewar Mai Amfani a Wallet | Token da ke riƙe da $1 | Token da ƙimarsa ke ƙaruwa don yield |
| Haɗarin Sauya Ajiyar Banki | Babban abin damuwa na regulator | Mafi ƙaranci (tsaro ne, ba kamar ajiya ba) |
Tushe: Haɗin kai na rubutun Dokar GENIUS, OCC watan Maris 2026 NPRM, shigarwar BlackRock na 8 Mayu 2026, da tsarin Rule 2a-7.
Layi na ƙasa shi ne wanda ke bayyana tsarin daidaita dokoki. Payment stablecoin wanda ke biyan yield yana bayyana ga mai daidaita banki a matsayin mai mayurbin ajiya (deposit substitute). Tokenised money market fund share wanda ke biyan yield yana kama da tsaro (security) — kuma tsaro da ke gasa da ajiya ba sabuwar damuwa ba ce, saboda kuɗaɗen money market na gargajiya sun yi daidai da haka tsawon shekaru arba'in. Dokar GENIUS tana zana layinta ne a kan damuwar mai mayurbin ajiya. Duk abin da yake a fili a gefen tsaro (security side) na wannan layin, ta hanyar gine-gine, yana waje da haramcin yield na Dokar.
Shin Wannan Hanyar Keke Waje Ce (Loophole)?
Yana da daɗin faɗa — kuma wannan tunanin ya bayyana sosai akan LinkedIn da crypto-Twitter tun bayan shigarwar — don kiran wannan da "kofa ta baya" (loophole) a cikin Dokar GENIUS: stablecoins ba za su iya biyan yield ba, don haka BlackRock ta shigar da wani abu da a bisa doka ba stablecoin ba ne. Wannan tsarin yana ɗaukar babban labari cikin wayo. Amma a matsayin siffar shari'a, ya rage darajar ainihin abin da yake faruwa.
Haramcin yield a cikin Dokar GENIUS wani zaɓi ne na musamman na siyasa tare da wata manufa ta musamman: haɗarin sauya ajiya (deposit-substitution risk) ga ɓangaren banki daga rukunin kayan aiki da aka tsara don yin aiki azaman kuɗi. Tokenised money market funds ba a tsara su don yin aiki a matsayin kuɗi ba; an tsara su ne don su yi aiki a matsayin hannun jarin asusu (fund shares), tare da duk nauyin ƙa'idoji (Rule 2a-7, audited reserves, bayyana NAV, bayanan shari'a na mallakar transfer-agent) wanda ya shafi wannan rukunin tsawon shekaru da yawa. Kasancewar waɗancan hannun jarin na asusu yanzu suna daidaitawa a kan Ethereum ko wani blockchain na jama'a ba ya canza abin da suke a cikin dokar tsaro (securities law). Dokar da OCC kanta ta ba da shawara ⧉ a bayyane take tana ɗaukar tokenised reserves a matsayin ingantaccen rukuni — muhawarar da ke buɗe ita ce iyakar kashi 20%, ba wai wanzuwar rukunin kadarorin ba.
Abin da yake sabo na gaske shi ne ƙwarewar mai amfani (user experience). Mai riƙe da tokenised MMF share, a cikin wallet a kan wani blockchain na jama'a, yana da wani abu da yake kama da stablecoin (fungible token, wanda za a iya canja shi peer-to-peer, kuma za a iya haɗa shi da DeFi infrastructure) amma yana aiki kamar security (NAV yana ƙaruwa, mai riƙewa yana kan jerin KYC, bayanan transfer agent suna da ikon shari'a). Tsarin babban labari na — "a shari'ance ba stablecoin ba ne" — daidai ne sosai gwargwadon yadda yake. Lura mafi zurfi ita ce Dokar GENIUS, ta hanyar haramta yield a kan rukunin payment-stablecoin, ta sa masana'antar ta tilastu ta hadu a kan tokenised MMFs a matsayin mai ɗaukar daloli masu samar da yield a kan chain. Dokar ta zana layi; masana'antar kuma, kamar yadda ake tsammani, ta tsara samfuran da ke zama a gefe mafi kyau na layin. Wannan ba kofa ta baya ba ne (loophole). Tsarin tsarin daidaita dokoki ne ke aiki kamar yadda aka tsara shi — koda kuwa saurin da yake samar da samfuran hukumomi ya fi sauri fiye da yadda mafi yawan mahalarta suka zata.
Abin da Wannan Ke Nufi Ga Kowanne Ɓangare (Sector)
Tasirin shigarwar na ranar 8 ga Mayu bai kasance iri ɗaya ba. Martanin dabarun ya bambanta sosai dangane da inda hukuma take a cikin jerin ƙimar (value chain).
Masu Bayar da Stablecoin (PPSIs)
Ga Circle, Tether, PayPal, da kuma tsara na gaba na bank-issued payment stablecoins, BRSRV ita ce amsar aiki ga tambayar da ke da amsoshi na wucin gadi kawai zuwa yanzu: a ina reserves ke zama lokacin da suke buƙatar kasancewa duka biyu Treasury-yielding da kuma kasancewa a kan chain iri ɗaya da stablecoin ɗin da aka fitar? Riƙe T-bills kai tsaye yana aiki a kan sikelin bayarwa amma yana da nauyi a aiki. Riƙe BUIDL yana aiki, amma ba a tsara tsarin BUIDL musamman don tsarin reserve na Dokar GENIUS ba. Shi kuwa BRSRV, an tsara shi don haka. Sakamakon gasa shi ne cewa Circle, Tether, da PPSIs da bankuna suka bayar yanzu suna da samfurin jumla mai aminci, wanda aka ƙera shi a ƙarƙashin GENIUS, don shigar da shi cikin tsarin gudanar da reserve ɗinsu — kuma ƙarin kuɗin canza reserves zuwa samfurin BlackRock ya fi sauƙi fiye da kowane lokaci.
Bankuna da Masu Gudanar da Money Market Fund
Ga bankunan da ke gudanar da manyan franchises na money market fund — JPMorgan, State Street, BNY Mellon, Northern Trust, Vanguard, Fidelity — BSTBL shi ne samfurin aiki na abin da samfuran nasu za su yi. Tsarin ginin yanzu ya fito fili: ɗauki MMF da ke akwai, yi rajistar sabon on-chain share class zare da SEC, naɗa transfer agent don kiyaye bayanan masu hannun jari akan Ethereum (ko wani babban blockchain na jama'a), kuma a daidaita shiga ta hanyar off-chain KYC. Shamaki ga shiga (barrier to entry) don tokenised share class a kan wani MMF na dala biliyan 10-50 da ke akwai shi ne, a cikin tsarin BSTBL, ainihin tsari da aiki ne maimakon na fasaha. Rawar da BNY Mellon ke takawa a matsayin transfer agent na BSTBL — yana yin rajistar masu hannun jari a kan Ethereum ta amfani da ERC-20 — ita kanta wata alama ce ta cewa ana tsawaita tsarin transfer-agent na al'ada zuwa blockchains na jama'a ta ainihin hukumomin da suka gudanar da bayanan shari'a na mallakar asusu tsawon shekaru da yawa.
DeFi Protocols da On-Chain Treasury
Ga DeFi protocols, BRSRV da BSTBL suna tsawaita tsarin da BUIDL ya fara: ƙaura daga babban ingancin Treasury collateral daga asusun ajiya na off-chain (off-chain custodial accounts) zuwa kayan aikin on-chain waɗanda za a iya haɗa su da ba da lamuni, derivatives, da samfuran da aka tsara. USDtb na Ethena da JupUSD na Jupiter sune misalai na farko na wannan motsi; sararin ƙira (design space) da ke bayan su yanzu ya fi girma sosai. Abin da za a yi la'akari da shi game da haɗari — kuma ba ƙaramin abu ba ne — shi ne cewa kayan aikin da ke ƙasa suna da ƙuntatawa ta hanyar KYC (KYC-gated) kuma suna da izini, wanda ke iyakance matakin haɗin kai na "permissionless" wanda tsarin DeFi-native zai iya dogaro da shi. Tsarin haɗin gwiwa (integration patterns) da za su fito a cikin watanni goma sha biyu masu zuwa za su ƙayyade yadda tokenised MMFs za su zama babban rukunin collateral na tattalin arzikin kan chain.
Regulators (Masu Daidaita Dokoki)
Ga OCC, FDIC, da Federal Reserve, shigarwar ranar 8 ga Mayu tana fayyace abin da ake buƙatar iyakar ƙa'idoji ta ɗauka. Haramcin yield a cikin Dokar GENIUS a bayyane yake bai hana yield na kan chain isa ga masu riƙe da wallet ba; ya canza tsarin isar da wannan yield ɗin daga rukunin payment-stablecoin (wanda regulators ke kula da shi kai tsaye) zuwa rukunin registered-fund (wanda SEC ke kula da shi). Wannan ba lallai ba ne ya zama mummunan sakamako — registered funds sanannen rukuni ne na ƙa'idoji — amma yana nufin cewa tambayar haɗin gwiwar hukumomi daban-daban ta zama mai kaifi ta fuskar aiki. Dokar ƙarshe ta OCC, wacce za a bayar a watan Janairu 2027, za ta ƙayyade ko iyakar kashi 20% na tokenised reserves zai tsira a kowane irin yanayi, kuma ko za a kiyaye layin da ke tsakanin "payment stablecoin" da "tokenised MMF share" a matakin mai bayarwa ko kuma za a bar shi ya ci gaba da disashewa a matakin wallet.
Conclusion
Shigarwar na ranar 8 ga Mayu 2026, da kansu, ba babban canji ba ne na ra'ayi (paradigm shift). Samfura ne na ɗaiɗaiku daga babban mai kula da kadarori guda ɗaya, wanda aka shigar a cikin takamaiman lokacin ƙa'idoji da tsara dokokin OCC ya buɗe. Amma abin da suke ɗauka shi ne siffar sauyi a matakin masana'antu wanda ya kasance a bayyane tun lokacin da BlackRock ta ƙaddamar da BUIDL a watan Maris 2024 kuma Dokar GENIUS ta hanzarta shi yanzu maimakon ta taƙaita shi.
Stablecoins, a cikin ma BEGIN_TRANSLATION
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Dokar GENIUS ba ta barin stablecoins su biya riba. A ranar 8 ga Mayu 2026, BlackRock ta shigar da rajistar SEC guda biyu don samfuran da ke warware wannan takura ta hanyar daidaita su a matsayin money market funds maimakon stablecoins — yayin da suke aiki, a cikin wallet, kamar daloli masu ba da riba a kan blockchain na jama'a.
Babban Abubuwan Da Aka Koya
- Dokar GENIUS, wacce aka sanya wa hannu a watan Yuli 2025 kuma yanzu take a watannin ƙarshe na tsara dokokinta, ta haramta wa masu bayar da payment stablecoin biyan riba ko yield ga masu riƙe da su kawai don riƙewa, amfani, ko ajiye stablecoin. Shawarar OCC ta watan Maris 2026 ta ƙara tsananta wannan tare da zaton da za a iya ƙalubalanta cewa tsare-tsaren yield na abokan haɗin gwiwa da na waje suma sun keta wannan dokar.
- Matsalar tattalin arziki da wannan ke haifarwa a bayyane take. Tare da kusan dala biliyan 281 na payment stablecoins da ke yawo da kuma yawan amfanin Treasury (Treasury yields) da ke kan mafi girman matsayi na tsawon shekaru da yawa, tazarar da ke tsakanin abin da mai riƙe da wallet ke karɓa (sifili) da abin da ajiyar kuɗaɗen da ke ƙasa ke samu (~4–5%) yanzu ya kai biliyoyin daloli a kowace shekara.
- A ranar 8 ga Mayu 2026, BlackRock ta shigar da sanarwar rajistar SEC guda biyu waɗanda ke amfana da wannan tazarar ba tare da keta haramcin yield ba — saboda babu ɗaya daga cikin samfuran da yake stablecoin a bisa doka.
- BRSRV (BlackRock Daily Reinvestment Stablecoin Reserve Vehicle) wani sabon money market fund ne wanda ke riƙe da tsabar kuɗi, Treasuries na ƙasa da kwanaki 93, da kuma overnight Treasury repos. Yana fitar da "OnChain Shares" ta hanyar tsarin multi-chain da ke da izini tare da Securitize Transfer Agent LLC a matsayin mai riƙe da rajistar mallaka ta doka. Mafi ƙarancin saka hannun jari: dala miliyan 3. An ƙera shi ne don ya cancanci zama ingantaccen kadarar ajiya (eligible reserve asset) a ƙarƙashin Dokar GENIUS.
- BSTBL shi ne shigarwar da ta fi mahimmanci ta fuskar tsari (architecture). Yana ƙara rukunin hannun jari na ERC-20 (ERC-20 share class) a kan asusun BlackRock na yanzu mai suna Select Treasury Based Liquidity Fund na dala biliyan 6–7, tare da BNY Mellon Investment Servicing a matsayin wakilin canja wuri (transfer agent), yana yin rajistar masu hannun jari a kan Ethereum. Wannan shi ne karon farko da aka ƙara rukunin hannun jari na Ethereum na jama'a a kan samfurin money market na BlackRock da ke akwai.
- Tsarin yanzu ya fito fili a cikin masana'antar. Tokenised money market funds sune tsarin da Dokar GENIUS, ta hanyar haramta yield a kan stablecoins, ta sa ya zama dole. Kasuwar Treasury da aka tokenise ta dala biliyan 14 — wacce BUIDL na BlackRock ke jagoranta da kusan kashi 40% na rabon kasuwa — ita ce farkon alamun inda sabon rukunin "wallet dollars" yake ajiye.
Shigarwa da Kuma Ke Zama Matsayin Siyasa
Shigar da takardu guda biyu na BlackRock a ranar 8 ga Mayu 2026 bai zo a cikin wofi ba. Sun zo ne mako guda bayan BlackRock ta ƙaddamar da wasiƙar sharhi mai shafuka goma sha bakwai ⧉ ga Ofishin Kwanturola na Kuɗaɗe (Office of the Comptroller of the Currency - OCC) a ranar ƙarshe ta lokacin sharhi game da dokokin aiwatar da Dokar GENIUS — kuma kwanaki huɗu bayan BlackRock ta buga taƙaitaccen bayani na fili akan X ⧉ na shawarwarinta guda bakwai na tsakiya ga hukumar.
Shawarwarin da sabbin shigarwar an fi fahimtar su azaman takarda ɗaya mai sassa biyu. Wasiƙar sharhin ta ba da hujjar cewa ya kamata OCC ta janye shawararta na sanya iyakar kashi 20% a kan tokenised reserve assets, ta tabbatar da cewa ETFs da suka cancanta suna samun kulawa iri ɗaya da na government money market funds, kuma ta ba da damar GMMFs masu daidaitawa a rana ɗaya su shiga cikin mafi ƙarancin ruwa na mako-mako (weekly liquidity floor). Shigarwar, kwanaki huɗu bayan haka, ta yi rajistar ainihin kayayyakin da ke amfana da waɗannan matsayi: sabon asusu (BRSRV) da aka ƙera shi musamman don ya cancanci zama eligible reserve a ƙarƙashin Dokar GENIUS, da kuma rukunin hannun jari na tokenised (BSTBL) a kan asusun Treasury liquidity na dala biliyan 6-7 da kamfanin ke da shi a halin yanzu. Ko OCC ta amince da matsayin BlackRock a cikin dokar ƙarshe ko a'a, kamfanin yanzu ya sanya samfuransa a cikin muhawarar siyasa tare da takamaiman bayani da ke da wuya mai daidaita dokoki (regulator) ya yi watsi da shi.
Wannan shi ne yanayin dabarun abin da, a karon farko, ke kama da fasahar shari'a mai wayo. Ya fi dacewa a karanta shi a matsayin babban mai kula da kadarori (asset manager) mafi girma a duniya yana bayyana inda layin da ke tsakanin "stablecoin" da "tokenised security" ya kamata ya kasance a cikin dokar Amurka — kuma yana rajistar samfuran da za su rayu a kowane ɓangare na wannan layin.
Dalilin Da Ya Sa Stablecoins Ba Su Iya Biyan Riba (Yield)
Dokar GENIUS, wacce aka sanya wa hannu a watan Yuli 2025 kuma yanzu ta kasance tushen dokokin OCC, FDIC, da na Federal Reserve da ke rarrafe da juna, tana zana bambanci mai kyau na tunani. "Payment stablecoin" a ƙarƙashin Dokar wata kadara ce ta dijital da aka tsara don kiyaye daidaiton ƙima dangane da kuɗin fiat, wanda ke goyan bayan ingantattun reserves, kuma ana iya fansa a kan ƙimar par. "Permitted payment stablecoin issuer" (PPSI) wata hukuma ce ta tarayya ko ta jiha da ke da izinin fitar da irin wannan token ɗin. Kuma sashi na 4(a)(11) na Dokar ⧉ ya haramta wa kowane PPSI biyan riba ko yield ga masu riƙewa kawai don riƙewa, amfani, ko ajiye stablecoin ɗin.
Dokar da OCC ta ba da shawara a watan Maris 2026 ⧉ ta tsawaita wannan haramcin ta fuskar aiki. Ta kafa zaton da za a iya ƙalubalanta cewa tsare-tsaren da ke tura yield ta hannun abokin haɗin gwiwa ko wani ɓangare na uku mai alaƙa — misali, musayar crypto (crypto exchange) da ke biyan "kudaden ladan aminci" (loyalty rewards) ga masu riƙe da wani stablecoin na musamman — suma sun keta dokar, tare da ɗora nauyi a kan mai bayarwa don ya nuna akasin haka. Tsarin farar alama (white-label arrangements), inda PPSI ke ba da kadarorin dijital waɗanda wani abokin tarayya ya yi wa lakabi da sunansa wanda kuma shi ke biyan yield, ana ɗaukarsu a sarari a matsayin hanyoyin kauce wa doka. Ofishin Kwanturola ya ba da alama a farkon 2026 ⧉ cewa tsarin "kofa ta baya" (loophole) na mai bayarwa-yana-biya-ta-hanyar-aboki ba zai tsira ba a cikin tsara dokoki na ƙarshe a kowane irin yanayi mai sassauci.
Dalilin tattalin arziki na wannan haramcin ana jayayya a kansa. Gabatarwa daga masana'antar banki zuwa OCC sun yi gardama kan tsauraran haramcin a kan cewa stablecoins masu samar da yield za su kwashe ajiyar banki na ma'amala (transactional bank deposits) — kasuwar da hukumar ba da shawara ta Treasury ta Amurka ta kiyasta ta kai kusan dala triliyan 6.6 ⧉, wanda wani kaso mai ma'ana daga ciki yake "cikin haɗari" daga gasa tare da masu mayurbin dala masu samar da yield. Gabatarwa na masana'antar crypto, karkashin jagorancin Coinbase, sun yi jayayya akasin haka: cewa tallafi (incentives) sune mabuɗin gasa a cikin biyan kuɗi, kuma babban haramci zai haifar da asarar jin daɗin rayuwa ba tare da yin tasiri mai yawa ga ba da lamuni na banki ba.
Duk wani ɓangare da ke da mafi kyawun hujjar siyasa, sakamakon shari'a a yanzu an daidaita shi: stablecoin a cikin ma'anar tsarin Dokar GENIUS ba zai iya biyan mai riƙe da shi yield ba. Amma abin da ba zai iya yi ba, shi ne ya ayyana abin da mai riƙe zai iya yi da kuɗinsa na gaba. Kuma a nan ne tsarin (architecture) ya bambanta.
Tsarin Ginawa na BRSRV
BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a cikin aikinsa na ciki, asusu ne na money market wanda babu wani abin ban mamaki game da shi. Yana riƙe da tsabar kuɗi, takardun kuɗi na US Treasury masu cika wa a cikin kwanaki 93 ko ƙasa da haka, da kuma yarjejeniyar sake siyan kwana ɗaya (overnight repurchase agreements) waɗanda Treasuries ke goyan baya. Yana tafiya daidai da Rule 2a-7 a ƙarƙashin Investment Company Act na 1940 — tsari iri ɗaya na daidaita dokoki wanda ke jagorantar kuɗaɗen money market na hukumomi tsawon shekaru arba'in. Yield ɗinsa, kamar kowane government MMF, ya samo asali ne daga yawan kuɗin Treasury na ɗan gajeren lokaci da ke aiki a lokacin.
Abin da yake sabo shi ne rukunin hannun jari (share class). Ana bayar da hannun jarin BRSRV a matsayin "OnChain Shares" ta hanyar tsarin da ke da izini ⧉ wanda ke haɗawa da blockchains na jama'a da yawa, tare da Securitize Transfer Agent LLC yana aiki a matsayin babban wakilin canja wuri na hukuma ⧉. Tsarin tantancewa na off-chain — irin tsarin KYC da ke goyan bayan asusun BlackRock na yanzu mai dala biliyan 2.9 na BUIDL fund ⧉ — yana haɗa adiresoshin wallet ga verified investors. Mafi ƙarancin saka hannun jari: dala miliyan 3. Shigarwar ba ta ambaci waɗanne blockchains asusun zai tallafa musu ba lokacin ƙaddamarwa.
An tsara samfurin musamman, kamar yadda majiyoyi da yawa suka lura ⧉, don ya cancanci zama eligible reserve asset a ƙarƙashin Dokar GENIUS. Wanda ake son sayar wa ba mai amfani da wallet na yau da kullum (retail) ba ne. Mai bayar da stablecoin ne (ko kuma sashin gudanar da kuɗi na kamfani wanda ke riƙe da stablecoins a matsayin wani ɓangare na dabarun aiki) wanda ke buƙatar kayan aiki na Treasury-yielding wanda zai iya riƙewa ta hanyar tsari na kwamfuta (programmatically) a kan hanyoyin blockchain iri ɗaya da stablecoins ɗin da kansu. Bayanin a taƙaice a cikin jimla ɗaya shi ne: ajiye reserves ɗinka a kan chain, ka sami yawan amfanin Treasury, kuma ka gamsar da regulator.
Ga BlackRock, matsayin dabarar ya fi kaifi fiye da yadda yake bayyana. Asusun BUIDL da take da shi a halin yanzu yana goyan bayan fiye da kashi 90% na reserves na biyu daga cikin manyan kayayyakin da ke da alaƙa da "yield-bearing" stablecoin — USDtb na Ethena da kuma JupUSD na Jupiter da ke kan Solana. BRSRV ita ce haɓakar wannan matsayi da aka sadaukar kuma ta san game da GENIUS: samfurin Treasury-yield na jumla wanda aka gina shi musamman don tsarin tafiyar da reserve-management na kowane PPSI da zai wanzu a ƙarƙashin sabon tsarin.
Tsarin Ginawa na BSTBL
Shigarwa ta biyu ta fi ban sha'awa ta fuskar aiki kuma ta fi mahimmanci ta fuskar tsari (architecture). BSTBL — wanda shine on-chain share class na asusun BlackRock Select Treasury Based Liquidity Fund da ke akwai — ba sabon asusu ba ne. Wani sabon rukunin hannun jari ne da aka ɗora a kan samfurin money market wanda riga yake kula da kaddarori na kusan dala biliyan 6-7, wanda kuma aka sake tsara shi a watan Oktoba 2025 zuwa tsarin da ya dace da GENIUS ⧉ tare da ƙayyadadden lokacin ciniki na ƙarfe 5 na yamma ET da kuma umarnin Treasury mai nauyi, kuma yanzu ana tsawaita shi zuwa Ethereum a matsayin ERC-20 token.
Wakilin canja wuri (transfer agent) na wannan rukunin hannun jari shi ne BNY Mellon Investment Servicing ⧉, wanda zai kiyaye bayanan masu hannun jari na hukuma akan Ethereum ta amfani da tsarin ERC-20. Tsarin KYC na off-chain yana haɗa wallets zuwa bayanan tantancewar mai saka hannun jari, kamar yadda yake yi don BUIDL da kowane asusun tokenised mai bin doka a kasuwa a yau. Babban bambanci da BRSRV shi ne chain ɗin (Ethereum, na jama'a, tare da ERC-20 token a matsayin wakilcin hannun jari) da kuma transfer agent ɗin (BNY maimakon Securitize) — da kuma gaskiyar cewa wannan ne karon farko da aka ƙara rukunin hannun jari na Ethereum na jama'a a kan wani asusun money-market na BlackRock da ke akwai.
Wannan bayani na ƙarshe shi ne wanda ya kamata a yi la'akari da shi sosai. Kayayyakin tokenised na baya na BlackRock — musamman BUIDL — an tsara su ne a matsayin sabobbin kuɗaɗe masu tsarin on-chain na asali (native architecture). BSTBL yana ɗaukar hanya daban kuma mai yiwuwa mafi tasiri: tokenise babban samfurin money market na gargajiya ta hanyar ƙara sabon rukunin hannun jari, maimakon gina wani tsari na daban. Ma'anar wannan ita ce kowane MMF na BlackRock da ke akwai zai iya, a bisa manufa, bin wannan tsari. Haka nan kuma duk wani asusun MMF na masu fafatawa — na Vanguard, Fidelity, JPMorgan, State Street. Katangar tsari (architectural barrier) don tokenising masana'antar money market fund na gargajiya, bayan BSTBL, ya ragu fiye da kowane lokaci.
A cikin mahallin masana'antar: tokenised US Treasuries sun haɓaka daga kusan dala biliyan 2 zuwa dala biliyan 14 har zuwa watan Mayu 2026 ⧉, tare da BUIDL na BlackRock a kusan kashi 40% na rabon kasuwa, BENJI/FOBXX na Franklin Templeton a kan dala miliyan 850, da kuma samfuran OUSG da USDY na Ondo Finance a matsayi na biyu. Dala biliyan 50-100 na gaba ana iya tunanin cewa tuni suna kan tafiya ta hanyar shigarwa kamar BSTBL.
Payment Stablecoin vs Tokenised Money Market Fund: Bambancin Da Ke Da Muhimmanci
Ga mai karatu wanda ba ƙwararre ba, bambancin da ke tsakanin "stablecoin" da "tokenised money market fund share" na iya zama kamar wani ƙayyadadden tsari na doka kawai. Amma ba haka ba ne. Kayan aikin guda biyu suna da matsayi daban-daban a cikin dokar tsaro ta Amurka (US securities law) kuma sakamakon haka yana bayyana a cikin duk ƙirar samfurin.
| Dimension | Payment Stablecoin (a ƙarƙashin Dokar GENIUS) | Tokenised MMF Share (Tsarin BRSRV / BSTBL) |
|---|---|---|
| Matsayin Shari'a | Kayan aikin biyan kuɗi | Tsaro (hannun jarin asusu) |
| Tsarin Gudanarwa | Dokar GENIUS; OCC/FDIC/Fed rulemakings | Investment Company Act 1940; Rule 2a-7 |
| Mai Bayarwa | Permitted Payment Stablecoin Issuer (PPSI) | SEC-registered fund (da transfer agent) |
| Bukatun Ajiya (Reserves) | Tsabar kuɗi, gajeren Treasuries, repos — tsaurara | Tsabar kuɗi, gajeren Treasuries, repos — Rule 2a-7 |
| Zai Iya Biyan Yield ga Mai Riƙewa | A'a (Sashi na 4(a)(11)) | Ee (yield ɗin shi ne dawowar da aka samu a kan hannun jarin) |
| Fansawa | A kan par, lokacin da ake buƙata | A kan NAV, yawanci T+0 ko T+1 |
| Littafin Mallaka | Wallet na mai bayarwa / on-chain | Transfer agent (na shari'a); blockchain (na aiki) |
| Mafi Ƙarancin Saka Hannun Jari | Babu (na gama gari/retail) | Mai yawa ($3M ga BRSRV; na hukumomi ga BSTBL) |
| Haɗuwa da DeFi (Composability) | Babba | Babba (BUIDL ya kafa misali) |
| Ƙwarewar Mai Amfani a Wallet | Token da ke riƙe da $1 | Token da ƙimarsa ke ƙaruwa don yield |
| Haɗarin Sauya Ajiyar Banki | Babban abin damuwa na regulator | Mafi ƙaranci (tsaro ne, ba kamar ajiya ba) |
Tushe: Haɗin kai na rubutun Dokar GENIUS, OCC watan Maris 2026 NPRM, shigarwar BlackRock na 8 Mayu 2026, da tsarin Rule 2a-7.
Layi na ƙasa shi ne wanda ke bayyana tsarin daidaita dokoki. Payment stablecoin wanda ke biyan yield yana bayyana ga mai daidaita banki a matsayin mai mayurbin ajiya (deposit substitute). Tokenised money market fund share wanda ke biyan yield yana kama da tsaro (security) — kuma tsaro da ke gasa da ajiya ba sabuwar damuwa ba ce, saboda kuɗaɗen money market na gargajiya sun yi daidai da haka tsawon shekaru arba'in. Dokar GENIUS tana zana layinta ne a kan damuwar mai mayurbin ajiya. Duk abin da yake a fili a gefen tsaro (security side) na wannan layin, ta hanyar gine-gine, yana waje da haramcin yield na Dokar.
Shin Wannan Hanyar Keke Waje Ce (Loophole)?
Yana da daɗin faɗa — kuma wannan tunanin ya bayyana sosai akan LinkedIn da crypto-Twitter tun bayan shigarwar — don kiran wannan da "kofa ta baya" (loophole) a cikin Dokar GENIUS: stablecoins ba za su iya biyan yield ba, don haka BlackRock ta shigar da wani abu da a bisa doka ba stablecoin ba ne. Wannan tsarin yana ɗaukar babban labari cikin wayo. Amma a matsayin siffar shari'a, ya rage darajar ainihin abin da yake faruwa.
Haramcin yield a cikin Dokar GENIUS wani zaɓi ne na musamman na siyasa tare da wata manufa ta musamman: haɗarin sauya ajiya (deposit-substitution risk) ga ɓangaren banki daga rukunin kayan aiki da aka tsara don yin aiki azaman kuɗi. Tokenised money market funds ba a tsara su don yin aiki a matsayin kuɗi ba; an tsara su ne don su yi aiki a matsayin hannun jarin asusu (fund shares), tare da duk nauyin ƙa'idoji (Rule 2a-7, audited reserves, bayyana NAV, bayanan shari'a na mallakar transfer-agent) wanda ya shafi wannan rukunin tsawon shekaru da yawa. Kasancewar waɗancan hannun jarin na asusu yanzu suna daidaitawa a kan Ethereum ko wani blockchain na jama'a ba ya canza abin da suke a cikin dokar tsaro (securities law). Dokar da OCC kanta ta ba da shawara ⧉ a bayyane take tana ɗaukar tokenised reserves a matsayin ingantaccen rukuni — muhawarar da ke buɗe ita ce iyakar kashi 20%, ba wai wanzuwar rukunin kadarorin ba.
Abin da yake sabo na gaske shi ne ƙwarewar mai amfani (user experience). Mai riƙe da tokenised MMF share, a cikin wallet a kan wani blockchain na jama'a, yana da wani abu da yake kama da stablecoin (fungible token, wanda za a iya canja shi peer-to-peer, kuma za a iya haɗa shi da DeFi infrastructure) amma yana aiki kamar security (NAV yana ƙaruwa, mai riƙewa yana kan jerin KYC, bayanan transfer agent suna da ikon shari'a). Tsarin babban labari na — "a shari'ance ba stablecoin ba ne" — daidai ne sosai gwargwadon yadda yake. Lura mafi zurfi ita ce Dokar GENIUS, ta hanyar haramta yield a kan rukunin payment-stablecoin, ta sa masana'antar ta tilastu ta hadu a kan tokenised MMFs a matsayin mai ɗaukar daloli masu samar da yield a kan chain. Dokar ta zana layi; masana'antar kuma, kamar yadda ake tsammani, ta tsara samfuran da ke zama a gefe mafi kyau na layin. Wannan ba kofa ta baya ba ne (loophole). Tsarin tsarin daidaita dokoki ne ke aiki kamar yadda aka tsara shi — koda kuwa saurin da yake samar da samfuran hukumomi ya fi sauri fiye da yadda mafi yawan mahalarta suka zata.
Abin da Wannan Ke Nufi Ga Kowanne Ɓangare (Sector)
Tasirin shigarwar na ranar 8 ga Mayu bai kasance iri ɗaya ba. Martanin dabarun ya bambanta sosai dangane da inda hukuma take a cikin jerin ƙimar (value chain).
Masu Bayar da Stablecoin (PPSIs)
Ga Circle, Tether, PayPal, da kuma tsara na gaba na bank-issued payment stablecoins, BRSRV ita ce amsar aiki ga tambayar da ke da amsoshi na wucin gadi kawai zuwa yanzu: a ina reserves ke zama lokacin da suke buƙatar kasancewa duka biyu Treasury-yielding da kuma kasancewa a kan chain iri ɗaya da stablecoin ɗin da aka fitar? Riƙe T-bills kai tsaye yana aiki a kan sikelin bayarwa amma yana da nauyi a aiki. Riƙe BUIDL yana aiki, amma ba a tsara tsarin BUIDL musamman don tsarin reserve na Dokar GENIUS ba. Shi kuwa BRSRV, an tsara shi don haka. Sakamakon gasa shi ne cewa Circle, Tether, da PPSIs da bankuna suka bayar yanzu suna da samfurin jumla mai aminci, wanda aka ƙera shi a ƙarƙashin GENIUS, don shigar da shi cikin tsarin gudanar da reserve ɗinsu — kuma ƙarin kuɗin canza reserves zuwa samfurin BlackRock ya fi sauƙi fiye da kowane lokaci.
Bankuna da Masu Gudanar da Money Market Fund
Ga bankunan da ke gudanar da manyan franchises na money market fund — JPMorgan, State Street, BNY Mellon, Northern Trust, Vanguard, Fidelity — BSTBL shi ne samfurin aiki na abin da samfuran nasu za su yi. Tsarin ginin yanzu ya fito fili: ɗauki MMF da ke akwai, yi rajistar sabon on-chain share class tare da SEC, naɗa transfer agent don kiyaye bayanan masu hannun jari akan Ethereum (ko wani babban blockchain na jama'a), kuma a daidaita shiga ta hanyar off-chain KYC. Shamaki ga shiga (barrier to entry) don tokenised share class a kan wani MMF na dala biliyan 10-50 da ke akwai shi ne, a cikin tsarin BSTBL, ainihin tsari da aiki ne maimakon na fasaha. Rawar da BNY Mellon ke takawa a matsayin transfer agent na BSTBL — yana yin rajistar masu hannun jari a kan Ethereum ta amfani da ERC-20 — ita kanta wata alama ce ta cewa ana tsawaita tsarin transfer-agent na al'ada zuwa blockchains na jama'a ta ainihin hukumomin da suka gudanar da bayanan shari'a na mallakar asusu tsawon shekaru da yawa.
DeFi Protocols da On-Chain Treasury
Ga DeFi protocols, BRSRV da BSTBL suna tsawaita tsarin da BUIDL ya fara: ƙaura daga babban ingancin Treasury collateral daga asusun ajiya na off-chain (off-chain custodial accounts) zuwa kayan aikin on-chain waɗanda za a iya haɗa su da ba da lamuni, derivatives, da samfuran da aka tsara. USDtb na Ethena da JupUSD na Jupiter sune misalai na farko na wannan motsi; sararin ƙira (design space) da ke bayan su yanzu ya fi girma sosai. Abin da za a yi la'akari da shi game da haɗari — kuma ba ƙaramin abu ba ne — shi ne cewa kayan aikin da ke ƙasa suna da ƙuntatawa ta hanyar KYC (KYC-gated) kuma suna da izini, wanda ke iyakance matakin haɗin kai na "permissionless" wanda tsarin DeFi-native zai iya dogaro da shi. Tsarin haɗin gwiwa (integration patterns) da za su fito a cikin watanni goma sha biyu masu zuwa za su ƙayyade yadda tokenised MMFs za su zama babban rukunin collateral na tattalin arzikin kan chain.
Regulators (Masu Daidaita Dokoki)
Ga OCC, FDIC, da Federal Reserve, shigarwar ranar 8 ga Mayu tana fayyace abin da ake buƙatar iyakar ƙa'idoji ta ɗauka. Haramcin yield a cikin Dokar GENIUS a bayyane yake bai hana yield na kan chain isa ga masu riƙe da wallet ba; ya canza tsarin isar da wannan yield ɗin daga rukunin payment-stablecoin (wanda regulators ke kula da shi kai tsaye) zuwa rukunin registered-fund (wanda SEC ke kula da shi). Wannan ba lallai ba ne ya zama mummunan sakamako — registered funds sanannen rukuni ne na ƙa'idoji — amma yana nufin cewa tambayar haɗin gwiwar hukumomi daban-daban ta zama mai kaifi ta fuskar aiki. Dokar ƙarshe ta OCC, wacce za a bayar a watan Janairu 2027, za ta ƙayyade ko iyakar kashi 20% na tokenised reserves zai tsira a kowane irin yanayi, kuma ko za a kiyaye layin da ke tsakanin "payment stablecoin" da "tokenised MMF share" a matakin mai bayarwa ko kuma za a bar shi ya ci gaba da disashewa a matakin wallet.
Conclusion
Shigarwar na ranar 8 ga Mayu 2026, da kansu, ba babban canji ba ne na ra'ayi (paradigm shift). Samfura ne na ɗaiɗaiku daga babban mai kula da kadarori guda ɗaya, wanda aka shigar a cikin takamaiman lokacin ƙa'idoji da tsara dokokin OCC ya buɗe. Amma abin da suke ɗauka shi ne siffar sauyi a matakin masana'antu wanda ya kasance a bayyane tun lokacin da BlackRock ta ƙaddamar da BUIDL a watan Maris 2024 kuma Dokar GENIUS ta hanzarta shi yanzu maimakon ta taƙaita shi.
Stablecoins, a cikin ma'anar Dokar GENIUS, za su ci gaba da yin abin da stablecoins suka daɗe suna da kyau a kansa: daidaitawa mai inganci, kusan nan take na biyan kuɗi na cross-border, da kuma kuɗi na kwamfuta (programmable money) don amfanin da ke buƙatar daidaitaccen asusun ƙididdiga. Ba za su biya yield ga masu riƙe da su ba a ƙarƙashin dokokin yanzu da waɗanda ake shirin yi. Daloli masu samar da yield a cikin wallet — samfurin da ke ɗaukar nau'i ɗaya da na stablecoin amma yake tara yawan amfanin Treasury ga mai riƙe da shi — zai zama tokenised money market fund share, wanda registered fund ke bayarwa, tare da transfer agent (Securitize, BNY Mellon, da kuma wasu da yawa masu yiwuwa) a matsayin mai riƙe da rajistar mallaka ta doka. BRSRV da BSTBL sune farkon bayyanar wannan tsarin na hukumomi. Kuma ba su ne na ƙarshe ba.
Don mahallin da ya gabata a wannan rukunin yanar gizon, ƙasidar Janairu 2018 kan fasahar Ethereum stack ⧉ ta bayyana tushen da BSTBL ke kai yanzu, labarin Janairu 2018 kan tsarin ERC-20 ⧉ ya bayyana wakilcin share-class da BlackRock ta zaɓa, nazarin watan Fabrairu 2018 na cryptocurrencies na biyan kuɗi na gaggawa ⧉ ya bayyana matsalar ƙwarewar mai amfani wadda kayan aikin on-chain masu samar da yield ke warwarewa yanzu, kuma sabon ƙasidar game da lokacin ƙarshe na SWIFT CBPR+ structured-address tana kusa da tattaunawar zamani ta biyan kuɗi wacce shigarwar BlackRock ke zama wani ɓangare na ta. Dalilin da ya sa aka haɗa waɗannan shi ne ba wai don a da'awar cewa tsari guda ɗaya ya yi nasara ba. Sai dai don a nuna cewa tsarin hukumomi da na kan chain na kuɗi, a cikin 2026, suna haɗuwa a kan abubuwan da aka raba (shared primitives) da sauri fiye da yadda kowannensu ya zata koda a shekarar da ta gabata.
Tambayoyin Da Aka Fi Yawan Yi
Menene ainihin bambanci tsakanin BRSRV/BSTBL da stablecoin kamar USDC?
A cikin wallet, bambancin kusan ba a gani ba ne. Kowannensu fungible token ne a kan blockchain na jama'a, wanda za a iya fansarsa don daloli (ko don ƙimar hannun jarin asusu da ke ƙasa), kuma yana iya haɗuwa da DeFi. A fuskar shari'a, bambancin yana da yawa. USDC payment stablecoin ne a ƙarƙashin Dokar GENIUS, wanda Permitted Payment Stablecoin Issuer ya fitar, kuma an haramta masa biyan yield ga masu riƙewa. Su kuwa BRSRV da BSTBL sune share classes na registered money market funds a ƙarƙashin Investment Company Act na 1940, waɗanda aka daidaita a ƙarƙashin Rule 2a-7, inda yield ɗin shi ne dawowar da aka samu a kan hannun jarin. Mai riƙe da BRSRV, a shari'ance, mai hannun jari ne na asusu. Mai riƙe da USDC kuwã, a shari'ance, mai riƙe da kayan aikin biyan kuɗi ne.
Me yasa BSTBL ya bambanta da BUIDL idan duka biyun kuɗaɗen BlackRock ne na kan chain a Ethereum?
BUIDL, wanda aka ƙaddamar a watan Maris 2024, an tsara shi ne a matsayin sabon asusu mai tsarin on-chain tun daga farko, tare da Securitize a matsayin abokin tarayya da kuma ƙirar da ke da alaƙa da tsarin aiki na kadarorin dijital. BSTBL kuma, akasin haka, sabon on-chain share class ne da aka ƙara a kan asusun money market na gargajiya na dala biliyan 6-7 da ke akwai — wato Select Treasury Based Liquidity Fund. BNY Mellon yana aiki a matsayin transfer agent. Muhimmancin tsarin shi ne cewa BSTBL yana nuna yadda za a kawo babban samfurin money-market na gargajiya na kan chain ba tare da sake gina shi azaman sabon asusu ba. Wannan samfurin, idan ya yi aiki, za a iya amfani da shi ga kowane asusun MMF na gargajiya a cikin masana'antar.
Me yasa iyakar kashi 20% na OCC akan tokenised reserves yake da jayayya?
Shawarar OCC ta watan Maris 2026 ta gabatar da yiwuwar sanya iyakar kashi 20% akan yawan reserves na mai bayar da stablecoin da za a iya riƙewa a cikin sigar tokenised. Wasiƙar sharhi ta BlackRock ta yi jayayya cewa wannan zai kasance "mara alaƙa" da manufofin sa ido na OCC, saboda haɗarin kadarar ajiya yana faruwa ne ta hanyar ingancin daraja (credit quality), tsayi (duration), da ruwa (liquidity) — ba wai ko ana riƙe da shi ko canja shi a kan wani asusun da aka rarraba ba. Ta fuskar aiki, wannan iyakar za ta taƙaita rawar BUIDL a matsayin babban mai goyan bayan reserve na samfura kamar USDtb na Ethena da JupUSD na Jupiter, waɗanda a halin yanzu sun dogara ga BUIDL don fiye da kashi 90% na reserves ɗinsu. Dokar ƙarshe ta OCC, wacce za a bayar a watan Janairu 2027, za ta ƙayyade ko iyakar za ta ci gaba da wanzuwa, ko za a ƙara ta, ko kuma za a janye ta gaba ɗaya.
Menene ma'anar cewa shigarwar BRSRV ba ta ambaci blockchains ɗin da za ta tallafa musu ba?
Wannan siffa ce ta yau da kullum ta shigarwar SEC ta matakin farko maimakon wani rashin tabbas na dabarun. Shigarwar ta kafa tsarin shari'a (registered fund da ke fitar da OnChain Shares ta hanyar tsarin da ke da izini tare da Securitize a matsayin transfer agent) ba tare da sadaukar da kansu ga takamaiman chains ba, wanda wataƙila BlackRock za ta sanar da su kusa da lokacin ƙaddamarwa. Shi kansa BUIDL an ƙaddamar da shi ne akan Ethereum kuma daga baya ya faɗaɗa zuwa Polygon, Avalanche, Optimism, Aptos, da Arbitrum; BRSRV ma mai yiwuwa zai bi irin wannan tsarin na multi-chain idan aka yi la'akari da takamaiman bayani na "multiple public blockchains" a cikin shigarwar.
Shin wannan shi ne ƙarshen yield-bearing stablecoins a matsayin rukunin samfur?
Wannan shi ne ƙarshen yield-bearing payment stablecoins a matsayin rukuni, aƙalla a ƙarƙashin dokar tarayya ta Amurka, sai dai idan Majalisa ta canza Dokar GENIUS. Amma ba ƙarshen daloli masu samar da yield a kan chain ba ne a matsayin rukunin samfur, wanda shi ne abin da masu amfani ke buƙata na gaske. Wannan rukunin yanzu yana ƙaura zuwa tokenised money market fund shares — BUIDL, BENJI, BRSRV, BSTBL, samfuran Ondo, da kuma wave na masu fafatawa tokenised MMFs waɗanda tsarin BSTBL ke iya haifar da su. Kayan aikin za su bayyana ɗan bambanci a cikin wallet (ƙimar token ɗin za ta nuna yield da aka tara maimakon riƙe $1.00 daidai), amma aikin tattalin arziki — bayyanar daidai-da-dala tare da yawan amfanin Treasury, da aka daidaita a kan chain na jama'a — ana kiyaye shi ta hanyar wata hanyar daidaita dokoki ta daban.
References
- Sebastien Rousseau, (2026). Lokacin Ƙarshe na pacs.008 Structured-Address na Nuwamba 2026: Duban Watanni Shida.
- Sebastien Rousseau, (2018). ERC-20: Hanyar Ethereum Token Da Ta Canza Duniya.
- Sebastien Rousseau, (2018). Fahimtar Fasahar da Ke Bayan Blockchain.
- Sebastien Rousseau, (2018). Bayyana Sabon Cryptocurrency da Kuma Ba da Maganin Biyan Kuɗi na Gaggawa na Gaba.
- Unchained, (2026). BlackRock Ta Shigar da Rajistar Sabbin Tokenized Money-Market Funds Guda Biyu Masu Nufin Babban Birnin Stablecoin ⧉. Unchained.
- The Block, (2026). BlackRock ta buƙaci OCC da ta janye shawarar iyakar tokenized reserve, ta faɗaɗa kadarorin da suka cancanta a cikin wasiƙar sharhin Dokar GENIUS ⧉. The Block.
- BeInCrypto, (2026). BlackRock Ta Goyan Bayan Dokokin Stablecoin na OCC a Ƙarƙashin Dokar GENIUS ⧉. BeInCrypto.
- Markets Media, (2026). BlackRock Ta Harba 'Bindigar Fara Sabon Zamanin Kuɗi' ⧉. Markets Media.
- Crowdfund Insider, (2026). BlackRock Ta Mayar da Hankali kan Shirye-shiryen Tokenization tare da Asusun da Blockchain Ke Taimaka Wa ⧉. Crowdfund Insider.
- CoinDesk, (2026). BlackRock Ta Zurfafa Tura Tokenization tare da Sabbin Asusun Onchain ⧉. CoinDesk.
- Crypto Briefing, (2026). BlackRock ta ninka ƙoƙarinta kan tokenization tare da sabbin asusun ajiya na stablecoin ⧉. Crypto Briefing.
- Latham & Watkins, (2026). OCC Ta Buga Shawarwari don Aiwatar da Dokar GENIUS ⧉. Latham & Watkins.
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- Compliance Corylated, (2026). OCC ta Amurka ta rufe ƙofa ta baya (loophole) na Dokar GENIUS da ke ba da damar stablecoins masu samar da yield ⧉. Compliance Corylated.
- CryptoSlate, (2025). Tokenized US Treasuries sun karya mafi tsarkin dokar DeFi ⧉. CryptoSlate.
- MEXC News, (2026). BlackRock ta shigar da rajistar sabbin asusun tokenized guda biyu tare da SEC ta Amurka a kan Ethereum ⧉. MEXC News.
- Stellar Foundation, (2026). Franklin Templeton, Stellar Development Foundation sun cika shekaru biyar na BENJI ⧉. Stellar Development Foundation.
An sake dubawa na ƙarshe a ranar .
Bita ta ƙarshe .
Sake buga wannan labarin
Kwafa tsarin Medium
# Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau > Originally published at [https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/](https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/) Dokar GENIUS ba ta barin stablecoins su biya riba. BlackRock ta shigar da BRSRV da BSTBL a 8 Mayu 2026 a matsayin kuɗin kasuwannin SEC, ba stablecoins ba. Nazarin OCC da sauran dokoki. Read the full article on sebastienrousseau.com: https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/
Kwafa tsarin Mastodon
Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau Dokar GENIUS ba ta barin stablecoins su biya riba. BlackRock ta shigar da BRSRV da BSTBL a 8 Mayu 2026 a matsayin kuɗin kasuwannin SEC, ba stablecoins ba. Nazarin OCC da sauran dokoki. https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/
Kwafa an tsara don LinkedIn
Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau Dokar GENIUS ba ta barin stablecoins su biya riba. BlackRock ta shigar da BRSRV da BSTBL a 8 Mayu 2026 a matsayin kuɗin kasuwannin SEC, ba stablecoins ba. Ga abubuwan da ya kamata a lura da su na dabarun: - Shigarwa da Kuma Ke Zama Matsayin Siyasa. Shigar da takardu guda biyu na BlackRock a ranar 8 ga Mayu 2026 bai zo a cikin wofi ba. - Dalilin Da Ya Sa Stablecoins Ba Su Iya Biyan Riba (Yield). Dokar GENIUS, wacce aka sanya wa hannu a watan Yuli 2025 kuma yanzu ta kasance tushen dokokin OCC, FDIC, da na Federal Reserve da ke rarrafe da juna, tana zana bambanci mai kyau na tunani. - Tsarin Ginawa na BRSRV. BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a cikin aikinsa na ciki, asusu ne na money market wanda babu wani abin ban mamaki game da shi. - Tsarin Ginawa na BSTBL. Shigarwa ta biyu ta fi ban sha'awa ta fuskar aiki kuma ta fi mahimmanci ta fuskar tsari (architecture). Menene hanyar ƙungiyar ku wajen magance ƙalubalen da aka kawo a wannan rubuce-rubucen? → https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/ #Blackrock #Brsrv #Bstbl #Buidl #GeniusAct Sebastien Rousseau | CC-BY-4.0
Buga wannan labari
Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau
Dokar GENIUS ba ta barin stablecoins su biya riba. BlackRock ta shigar da BRSRV da BSTBL a 8 Mayu 2026 a matsayin kuɗin kasuwannin SEC, ba stablecoins ba. Nazarin OCC da sauran dokoki.
BibTeX
@online{rousseau2026ribarsu,
author = {Rousseau, Sebastien},
title = {{Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau}},
year = {2026},
url = {https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/},
urldate = {2026}
}RIS
TY - GEN AU - Rousseau, Sebastien TI - Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau PY - 2026 UR - https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/ ER -
Vancouver
Rousseau S. Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau. sebastienrousseau.com. 2026 May 15. Available from: https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/
Chicago
Rousseau, Sebastien. "Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau." sebastienrousseau.com. May 15, 2026. https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/.
APA
Rousseau, S. (2026, May 15). Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau. sebastienrousseau.com. https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/
Sake buga wannan labari
Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau
Dokar GENIUS ba ta barin stablecoins su biya riba. BlackRock ta shigar da BRSRV da BSTBL a 8 Mayu 2026 a matsayin kuɗin kasuwannin SEC, ba stablecoins ba. Nazarin OCC da sauran dokoki.
An lasisin wannan labari a karkashin Creative Commons Attribution 4.0 International. Sake bugawa na bukatar nuna asalin URL na asali.
Ribarsu ta Stablecoin da Wani Suna Daban: Fassarar Shigarwar BRSRV da BSTBL ta BlackRock — Sebastien Rousseau Dokar GENIUS ba ta barin stablecoins su biya riba. BlackRock ta shigar da BRSRV da BSTBL a 8 Mayu 2026 a matsayin kuɗin kasuwannin SEC, ba stablecoins ba. Nazarin OCC da sauran dokoki. Originally published at https://sebastienrousseau.com/ha/2026-05-15-blackrock-brsrv-bstbl-genius-act-tokenised-mmf/ by Sebastien Rousseau. Licensed under CC-BY-4.0.