BlackRock stablecoin reserve fund secures top S&P rating

S&P Global Ratings assigned its highest principal stability fund rating to BlackRock’s new tokenized money market fund on Aug. 3, recognizing its expected ability to maintain principal stability and limit losses caused by credit risk. Summary S&P assigned BlackRock’s BRSRV its highest AAAm principal stability fund rating after Monday’s official launch. BRSRV held $50 million and maintained a $1.00 NAV as of Tuesday, according to BlackRock. The fund holds cash, short-term Treasuries and overnight repurchase agreements secured by Treasury instruments exclusively. USDT remains rated five, or weak, under S&P’s separate stablecoin stability assessment framework as published. BRSRV targets stablecoin issuers seeking eligible reserves under the GENIUS Act and future federal regulations. The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, received an “AAAm” rating on the same day it began operating. BlackRock’s official fund page showed $50 million in assets and a $1.00 net asset value as of Aug. 4. S&P based the rating on the creditworthiness of the fund’s investments and counterparties, its maturity structure and BlackRock Advisors’ policies for maintai...