BlackRock's tokenized reserve fund receives the highest principal stability rating from S&P Global

S&P Global Ratings on Monday awarded BlackRock's new tokenized money market fund, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), an "AAAm" rating, the highest rating for principal stability funds. The rating is based on factors including the credit quality of investments and counterparties, the term structure, and the management's ability to maintain stable net asset value. S&P Global Ratings stated that no weaknesses were found in BlackRock's management and organization, credit research and analysis, risk management, and compliance.

It also noted that the fund's tokenization framework has operational resilience, using a permissioned architecture that restricts transactions to whitelisted wallets to reduce risks associated with the network, smart contracts, and blockchain networks. BRSRV was launched on Monday as an open-end management investment company, aiming to ensure that its shares meet the qualified reserve asset requirements for payment stablecoin issuers under the GENIUS Act. The fund will hold cash, U.S. Treasury securities maturing in 93 days or less, and overnight repurchase agreements backed by Treasury instruments, maintaining a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.

S&P Global Ratings also released a separate summary of stablecoin stability assessments on Tuesday, stating that among the 11 stablecoins covered, 6 have "adequate" or stronger capabilities to maintain fiat currency pegs. USDT remains at a level 5 "weak," while TUSD and USDe are also at level 5; USDC, EURC, USDG, and USDP are rated level 2 "strong."