S&P Global Ratings on Monday granted BlackRock's new tokenized money market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), an 'AAAm' rating. That is S&P's highest rating for funds that focus on principal stability.
The rating took into account the credit quality of investments and counterparties, the fund's term structure, and management's ability to keep net asset value stable. S&P said it found no weaknesses in BlackRock Advisors' management and organization, credit research and analysis, risk management, or compliance.
The fund's tokenization framework was described as operationally resilient. It uses a permissioned architecture that restricts transactions to whitelisted wallets, lowering exposure to network, smart contract, and blockchain network risks.
BRSRV launched Monday as an open-end management investment company. Its shares are designed to qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act. The fund will hold cash, U.S. Treasuries maturing within 93 days, and overnight repurchase agreements backed by Treasury instruments. It will keep a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.
Separately, S&P published a stablecoin stability assessment on Tuesday. Of the eleven stablecoins it covered, six have 'sufficient' or stronger capacity to maintain their peg to fiat. USDT remains at Level 5, classified as 'weak', along with TUSD and USDe. USDC, EURC, USDG, and USDP are at Level 2, labeled 'strong'.