S&P gives BlackRock tokenized money market fund AAAm rating, keeps USDT at 5

S&P Global Ratings assigned its highest principal stability fund rating, AAAm, to BlackRock's new tokenized money market fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV. The rating reflects S&P's view that the fund's investments, counterparties, maturity profile and management support its ability to maintain a stable net asset value. The agency also said BlackRock Advisors showed no weaknesses across management and organization, credit research, risk management and compliance, and described the fund's tokenization setup as operationally resilient, with controls for cyber, smart contract and blockchain network risks through a permissioned architecture that limits transfers to approved wallets. BlackRock's fund page showed BRSRV held $50 million in assets and maintained a $1.00 net asset value as of Aug. 4. BRSRV launched Monday as an open-end management investment company designed so its shares can qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act. The portfolio will hold cash, U.S. Treasury obligations maturing within 93 days and overnight repurchase agreements secured by Treasury instruments, with a dollar-weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days. The minimum initial investment is $3 million, positioning the product for institutional rather than retail use, and Securitize serves as transfer agent and tokenization provider. Separately, S&P said USDT remains at 5, or weak, under its distinct stablecoin stability assessment framework after being lowered from 4 in November 2025, while TrueUSD and Ethena's USDe also remain weak and USDC, EURC, Global Dollar and Paxos USD are assessed at 2, or strong. S&P said the two frameworks should not be compared directly because one evaluates a stablecoin's peg and the other a regulated fund's principal stability.