S&P Global Ratings assigned its highest principal stability fund rating, AAAm, to BlackRock's tokenized money market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), on Monday. The rating reflects the creditworthiness of the fund's investments and counterparties, its maturity structure, and management's ability to maintain a stable net asset value. The fund launched Monday as an open-end management investment company designed to operate so its shares qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act, using a permissioned architecture that restricts transactions to whitelisted wallets.
S&P stated it identified "no weaknesses" in its qualitative assessment of BlackRock Advisors' management and organization, credit research and analysis, risk management and compliance. The ratings provider described the fund's tokenization framework as operationally resilient, citing controls intended to mitigate cyber, smart contract and blockchain network risks.
BRSRV Fund Structure and Investment Criteria
BRSRV holds cash, US Treasury securities maturing in 93 days or less, and overnight repurchase agreements secured by Treasury instruments. The fund maintains a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days. The AAAm rating measures a fixed-income fund's capacity to maintain a stable net asset value and limit exposure to principal losses due to credit risk.
S&P Stablecoin Stability Assessments Summary
S&P Global published a summary of its current Stablecoin Stability Assessments on Tuesday, stating six of the 11 stablecoins it covers have an "adequate" or stronger ability to maintain their pegs to fiat currencies. Two assessments were revised lower over the previous three quarters, while 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) are also assessed at 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 Stablecoin Stability Assessment framework in December 2023. The analysis considers 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, or "very strong," to 5, or "weak." The AAAm rating assigned to BlackRock's fund is separate from S&P's stablecoin assessments.
FAQ
What rating did S&P Global Ratings assign to BlackRock's BRSRV fund?
S&P Global Ratings assigned an AAAm rating, its highest principal stability fund rating, to the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) on Monday. The rating reflects the creditworthiness of the fund's investments and counterparties, its maturity structure, and management's ability to maintain a stable net asset value.
What assets does the BRSRV fund hold?
BRSRV holds cash, US Treasury securities maturing in 93 days or less, and overnight repurchase agreements secured by Treasury instruments. The fund maintains a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.
What is Tether's USDT current S&P Stablecoin Stability Assessment?
Tether's USDt (USDT) remains at 5, or "weak," after S&P lowered its assessment from 4, or "constrained," in November 2025. The assessment considers factors including backing assets, liquidity, governance, redemption arrangements, legal and regulatory protections, technology dependencies and issuer track record.
