BlackRock's Tokenized Reserve Fund Receives S&P Global's Highest Principal Stability Rating

Odaily Planet Daily reports that on Monday, S&P Global Ratings assigned BlackRock’s new tokenized money market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), an “AAAm” rating—the highest possible rating for principal stability funds. The rating is based on factors including the credit quality of investments and counterparties, maturity structure, and the fund manager’s ability to maintain a stable net asset value. S&P Global Ratings stated that it identified no weaknesses in BlackRock’s management and organization, credit research and analysis, risk management, or compliance. It also noted that the fund’s tokenized framework demonstrates operational resilience, employing a permissioned architecture that restricts transactions to whitelisted wallets to mitigate risks related to the network, smart contracts, and blockchain infrastructure. Launched on Monday as an open-end management investment company, BRSRV aims to qualify its shares as eligible reserve assets 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 collateralized 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. On Tuesday, S&P Global Ratings separately released a summary of its stablecoin stability assessments, indicating that six of the 11 stablecoins it covers have “adequate” or stronger capabilities to maintain fiat pegs. USDT remains rated at level 5 (“weak”), as do TUSD and USDe; USDC, EURC, USDG, and USDP are rated at level 2 (“strong”).