S&P Global Ratings has awarded its highest principal stability rating to BlackRock’s new tokenized money market fund, a move that underscores growing institutional confidence in digital asset-backed reserves. The fund, designed to meet criteria under the GENIUS Act, aims to serve as a benchmark for stablecoin issuers seeking secure collateral.
The AAAm rating reflects S&P’s assessment of the fund’s credit profile, maturity structure, and operational safeguards. BlackRock’s Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) holds cash, short-dated US Treasury securities, and overnight repurchase agreements backed by government debt. Its strict maturity limits—weighted average of 60 days and 120 days—align with regulatory expectations for stablecoin reserves.
S&P’s analysis highlights broader trends in stablecoin resilience, with six of 11 assessed stablecoins deemed capable of maintaining their fiat pegs. However, Tether’s USDT remains at the lowest rating (5) following a November 2025 downgrade, while USD Coin (USDC), Paxos USD (USDP), and Euro Coin (EURC) received the highest rating (2).
The fund’s structure may influence future stablecoin frameworks, as regulators increasingly scrutinise reserve adequacy. BlackRock’s entry into this space signals expanded institutional participation in tokenized financial products.
Written by Jessica Primrose
Stablecoins Desk
