S&P Gives AAAm Rating to BlackRock Tokenized Reserve Fund
S&P Global Ratings assigned its highest principal stability rating, AAAm, to BlackRock’s tokenized Daily Reinvestment Stablecoin Reserve Vehicle.
S&P Global Ratings assigned its top principal stability fund rating, “AAAm”, to BlackRock’s Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) on Monday. The agency cited the credit quality of the fund’s holdings and counterparties, the short maturity profile of its portfolio and management’s capacity to maintain a stable net asset value.
BRSRV launched on Monday as an open-end management investment company that seeks to qualify as an eligible reserve asset for payment stablecoin issuers under the GENIUS Act. The fund will hold cash, U.S. Treasury securities maturing in 93 days or less and overnight repurchase agreements secured 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.
In its review, S&P found “no weaknesses” in BlackRock Advisors’ management and organization, credit research and analysis, risk management and compliance. The ratings firm pointed to the fund’s maturity structure and counterparty quality as supporting factors for the AAAm score. Principal stability fund ratings assess a fixed-income fund’s capacity to preserve a stable net asset value and limit principal losses from credit risk.
S&P described the fund’s tokenization framework as operationally resilient and highlighted controls intended to reduce cyber, smart contract and blockchain network risks. BRSRV uses a permissioned architecture that restricts transactions to whitelisted wallets.
The AAAm rating is separate from S&P Global’s Stablecoin Stability Assessments (SSAs). The SSA update showed six of 11 stablecoins the agency covers have an “adequate” or stronger ability to maintain their pegs. Tether’s USDT is rated 5, “weak,” after a downgrade from 4 in November 2025. TrueUSD and Ethena USD are rated 5. Euro Coin, USD Coin, Global Dollar and Paxos USD are rated 2, “strong.” Gemini USD and EUR Convertible are rated 3, “adequate.” First Digital USD and Sky Dollar/Dai are rated 4, “constrained.”
S&P’s AAAm rating focuses on the fund’s credit profile and operational controls rather than the stability assessments of individual stablecoins.
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