BlackRock's new tokenized money market fund receives S&P's highest AAAm rating for stable NAV. Meanwhile, Tether's USDT remains 'weak' in S&P's stablecoin assessments.
S&P Global Ratings assigned its highest principal stability fund rating to BlackRock's new tokenized money market fund. The agency gave an "AAAm" rating to the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle on Monday, citing the creditworthiness of its investments and counterparties plus its maturity structure. S&P said it found no weaknesses in its qualitative assessment of BlackRock Advisors' management and credit research.
The fund's tokenization framework includes controls to mitigate cyber and smart contract risks, S&P said. BRSRV uses a permissioned architecture, similar to other tokenized products like Tokenized QQQ. The fund will hold cash, US Treasury securities maturing in 93 days or less and overnight repurchase agreements secured by Treasury instruments. It will maintain a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.
The fund launched Monday as an open-end management investment company. It aims to let its shares qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act.
Separately, S&P Global on Tuesday published a summary of its current Stablecoin Stability Assessments. Six of the 11 stablecoins it covers have an "adequate" or stronger ability to maintain their pegs, the agency said. Two assessments were revised lower over the previous three quarters, while the other nine remained unchanged.
Tether's USDT remains at 5, or "weak," after S&P lowered its assessment from 4 in November 2025. TrueUSD and Ethena USD are also at 5. Euro Coin, USD Coin, Global Dollar and Paxos USD are assessed at 2, or "strong." Gemini USD and EUR Convertible are at 3, or "adequate." First Digital USD and Sky Dollar/Dai are at 4, or "constrained."
S&P launched the assessment framework in December 2023. Its analysis considers the assets backing a stablecoin, liquidity, governance, redemption arrangements, legal and regulatory protections, technology dependencies and the issuer's track record. Assessments range from 1, or "very strong," to 5, or "weak."
The AAAm rating assigned to BlackRock's fund is separate from S&P's stablecoin assessments. Principal stability fund ratings measure a fixed-income fund's capacity to maintain a stable net asset value and limit exposure to principal losses due to credit risk. The fund's launch and the GENIUS Act eligibility could influence how stablecoin issuers choose reserve assets.
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