S&P gives BlackRock tokenized fund the gold star; Tether still gets the participation trophy 🏆

S&P Global Ratings assigned its top principal stability fund rating, "AAAm," to BlackRock's newly launched tokenized money market fund on Monday, citing the creditworthiness of its investments and counterparties, its maturity structure and the management team's ability to maintain a stable net asset value. The ratings provider said it identified "no weaknesses" in its qualitative assessment of BlackRock Advisors' management and organization, credit research and analysis, risk management and compliance.

S&P described the fund's tokenization framework as operationally resilient, pointing to controls intended to mitigate cyber, smart contract and blockchain network risks. The fund uses a permissioned architecture that restricts transactions to whitelisted wallets.

The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) launched on Monday as an open-end management investment company structured to qualify as an eligible reserve asset for payment stablecoin issuers under the GENIUS Act. According to S&P, the fund will hold cash, US Treasury securities maturing in 93 days or less and overnight repurchase agreements secured by Treasury instruments, and will maintain a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.

Separately, S&P Global on Tuesday published a summary of its current Stablecoin Stability Assessments, reporting that six of the 11 stablecoins it covers have an "adequate" or stronger ability to maintain their pegs to fiat currencies. The agency said two assessments had been revised lower over the previous three quarters, while the other nine remained unchanged. Tether's USDt (USDT) remains at 5, or "weak," after S&P lowered its assessment from 4, or "constrained," in November 2025. TrueUSD (TUSD) and Ethena USD (USDe) also received assessments of 5.

Euro Coin (EURC), USD Coin (USDC), Global Dollar (USDG) and Paxos USD (USDP) are assessed at 2, or "strong." Gemini USD (GUSD) and EUR Convertible (EURCV) are assessed at 3, or "adequate." First Digital USD (FDUSD) and Sky Dollar/Dai (USDS/DAI) are assessed at 4, or "constrained." S&P launched the assessment framework in December 2023, evaluating the assets backing a stablecoin, liquidity, governance, redemption arrangements, legal and regulatory protections, technology dependencies and the issuer's track record. The AAAm rating assigned to BlackRock's fund is separate from S&P's stablecoin assessments, as principal stability fund ratings measure a fixed-income fund's capacity to maintain a stable net asset value and limit exposure to principal losses due to credit risk.