S&P gives BlackRock tokenized reserve fund top stability rating
S&P Global Ratings gave BlackRock’s new tokenized money market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), its top principal stability rating of “AAAm.” The rating reflected the credit quality of the fund’s holdings and counterparties, its short-maturity structure, and BlackRock’s ability to keep the net asset value stable. S&P also said its review found no weaknesses in BlackRock Advisors’ management, research, risk, and compliance practices. BRSRV launched as an open-end fund designed to qualify as a reserve asset for payment stablecoin issuers under the GENIUS Act. It will hold cash, short-dated U.S. Treasuries, and overnight Treasury-backed repo, with strict limits on maturity. S&P described the tokenization setup as operationally resilient and using a permissioned, whitelisted wallet system. Separately, S&P said six of the 11 stablecoins it tracks have at least an “adequate” ability to hold their pegs, with USDT still rated “weak” and USDC, EURC, USDG, and USDP rated “strong.”
