BlackRock's Tokenized Reserve Fund received the highest principal stability rating from S&P Global Ratings

Comparatively, S&P Global Ratings awarded BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) a “AaAm” rating to BlackRock, a new tokenized money market fund on Monday, as its highest principal stability fund rating. The rating is based on investment and counterparty credit quality, term structure, and management's ability to maintain a stable net asset value. S&P Global Ratings said it found no weaknesses in the management and organization of BlackRock consultants, credit research and analysis, risk management and compliance.

It also said that the fund's tokenization framework is operationally resilient and uses a permissioned architecture to limit transactions to whitelisted wallets to reduce network, smart contracts, and blockchain cyber risks. BRSRV launched Monday as an open managed investment company with the goal of making its shares meet the eligible reserve asset requirements to pay stablecoin issuers under the GENIUS Act. The fund will hold cash, US Treasury bonds maturing within 93 days, and overnight repurchase agreements secured by treasury instruments, maintaining a weighted average term of no more than 60 days and a weighted average lifespan of no more than 120 days.

S&P Global Ratings released a separate stablecoin stability assessment summary on Tuesday, saying that 6 of the 11 stablecoins it covers have “sufficient” or better ability to maintain fiat currency anchoring. USDT is still level 5 “weak”; TUSD and USDe are level 5; USDC, EURC, USDG, and USDP are level 2 “strong”.

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