S&P Global Ratings has assigned its top "AAAm" rating for principal stability to BlackRock's new tokenized money-market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV. The rating is the highest given by S&P in the category for principal-stability funds. It is based on the credit quality of the fund's investments and counterparties, its term structure, and management's ability to maintain a stable net asset value. S&P said it found no weaknesses in BlackRock's advisory management and organization, credit research and analysis, risk management, or compliance. The fund's tokenization framework, meanwhile, was described as operationally resilient, using a permissioned design that restricts transactions to whitelisted wallets, which helps reduce network, smart-contract, and blockchain risks. BRSRV launched as an open-end management investment company, with the specific goal of making its shares eligible as qualified reserve assets for payment stablecoin issuers under the GENIUS Act. Its portfolio will consist of cash, U.S. Treasury securities with maturities of 93 days or less, and overnight repurchase agreements collateralized by Treasury instruments, keeping the weighted average maturity at or below 60 days and the weighted average life at or below 120 days. In a separate stablecoin stability assessment, S&P found that six of the eleven stablecoins it covers have sufficient or stronger capacity to maintain their fiat pegs. USDT, TUSD, and USDe remain at the weakest level, level 5, while USDC, EURC, USDG, and USDP are rated level 2, considered strong.
S&P Gives BlackRock Tokenized Fund Its Highest Rating
S&P Global Ratings on Monday assigned its highest principal-stability fund rating, "AAAm," to BlackRock's new tokenized money-market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). The rating reflects the investment and counterparty credit quality, the fund's term structure, and management's ability to maintain a stable net asset value, S&P said.
S&P said it found no weaknesses in BlackRock's advisory management and organization, credit research and analysis, risk management, or compliance. The fund's tokenization framework, it added, is operationally resilient, using a permissioned architecture that restricts transactions to whitelisted wallets to mitigate network, smart contract, and blockchain-related risks.
BRSRV launched Monday as an open-end management investment company, aiming to make its shares eligible as qualified reserve assets for payment stablecoin issuers under the GENIUS Act. The fund will hold cash, U.S. Treasury securities maturing within 93 days, and overnight repurchase agreements collateralized by Treasury instruments, with a weighted average maturity not exceeding 60 days and a weighted average life not exceeding 120 days.
Stablecoin Assessment: USDT Still Weak
Separately, S&P Global Ratings on Tuesday published a stablecoin stability assessment summary. Of the 11 stablecoins covered, six have "sufficient" or stronger capacity to maintain their fiat pegs. USDT remains at level 5 ("weak"), as do TUSD and USDe. USDC, EURC, USDG, and USDP are rated level 2 ("strong").
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
