Key facts
- S&P Global Ratings assigned its highest principal stability fund rating, 'AAAm', to BlackRock's tokenized money market fund, BRSRV.
- The fund's investments include cash, US Treasury securities maturing in 93 days or less, and overnight repurchase agreements.
- S&P found no qualitative weaknesses in BlackRock Advisors' management, risk management, and compliance.
- The tokenization framework for BRSRV is considered operationally resilient with controls against cyber and smart contract risks.
- Tether's USDt (USDT) was rated 'weak' (5) in S&P's separate stablecoin assessment framework.
S&P Global Ratings has awarded its highest principal stability fund rating, 'AAAm', to BlackRock's new tokenized money market fund, the Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). The rating, assigned on Monday, reflects the fund's strong creditworthiness, its maturity structure, and the management's capability to maintain a stable net asset value. S&P noted no weaknesses in its qualitative assessment of BlackRock Advisors' management, risk management, and compliance processes. The fund's tokenization framework was also deemed operationally resilient, incorporating controls designed to mitigate risks associated with cyber threats, smart contracts, and blockchain networks. BRSRV operates as an open-end management investment company and is structured to hold cash, US Treasury securities with maturities of 93 days or less, and overnight repurchase agreements collateralized by Treasury instruments. It aims to maintain a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.
In a separate development, S&P Global published its latest stablecoin assessments, indicating that six out of eleven covered stablecoins demonstrate an 'adequate' or stronger ability to maintain their pegs to fiat currencies. However, Tether's USDt (USDT) remains rated 'weak' (5), a downgrade from 'constrained' (4) in November 2025. TrueUSD (TUSD) and Ethena USD (USDe) also received the 'weak' rating. The assessments, launched in December 2023, evaluate assets backing the stablecoin, liquidity, governance, redemption mechanisms, legal protections, technology, and issuer track record, with ratings ranging from 1 ('very strong') to 5 ('weak'). The 'AAAm' rating for BlackRock's fund is distinct from these stablecoin assessments.