S&P Global Ratings has assigned its highest principal stability fund rating — "AAAm" — to BlackRock's newly launched tokenized money market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV).

In its Monday announcement, the ratings agency cited the creditworthiness of the fund's investments and counterparties, its maturity structure, and management's demonstrated capacity to maintain a stable net asset value. S&P reported finding "no weaknesses" in its qualitative assessment of BlackRock Advisors across several areas, including management and organization, credit research and analysis, risk management, and compliance.

The fund's tokenization framework was described as operationally resilient, with controls designed to mitigate risks related to cybersecurity, smart contracts, and blockchain networks. BRSRV employs a permissioned architecture that limits transactions exclusively to whitelisted wallets.

BRSRV launched on Monday as an open-end management investment company structured so that its shares qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act, the US federal stablecoin framework enacted in 2025 that established reserve composition, reporting, and oversight requirements for payment stablecoin issuers. The fund will hold cash, US Treasury securities maturing in 93 days or fewer, and overnight repurchase agreements collateralized by Treasury instruments. It will maintain a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days. The launch extends BlackRock's tokenization push beyond its BlackRock USD Institutional Digital Liquidity Fund (BUIDL), introduced in March 2024 on Ethereum, which has ranked among the largest tokenized funds by assets under management.

USDT remains among S&P's lowest-rated stablecoins

In a separate report published Tuesday, S&P Global released a summary of its current Stablecoin Stability Assessments, noting that six of the 11 stablecoins it tracks have an "adequate" or stronger capacity to maintain their pegs to fiat currencies. Two assessments were revised lower over the preceding three quarters, while the other nine held steady.

Tether's USDt (USDT) remains at 5 — classified as "weak" — after S&P downgraded it from 4 ("constrained") in November 2025. TrueUSD (TUSD) and Ethena USD (USDe) also carry assessments of 5.

At the other end of the scale, Euro Coin (EURC), USD Coin (USDC), Global Dollar (USDG), and Paxos USD (USDP) are each assessed at 2, or "strong." Gemini USD (GUSD) and EUR Convertible (EURCV) received a 3, classified as "adequate." First Digital USD (FDUSD) and Sky Dollar/Dai (USDS/DAI) are assessed at 4, or "constrained."

S&P introduced its Stablecoin Stability Assessment framework in December 2023. The analysis evaluates the assets backing a stablecoin, liquidity, governance, redemption arrangements, legal and regulatory protections, technology dependencies, and the issuer's track record. Assessments range from 1 ("very strong") to 5 ("weak").

The AAAm rating assigned to BlackRock's fund is distinct from S&P's stablecoin assessments. Principal stability fund ratings measure a fixed-income fund's ability to preserve a stable net asset value and limit exposure to principal losses stemming from credit risk.