Fidelity and BlackRock tokenized funds receive highest Moody’s rating

Moody’s, the major global credit rating agency that gauges creditworthiness for governments, corporations, and bonds, has assigned its highest AAA-mf rating to tokenized money market products from Fidelity International and BlackRock.

These are the Fidelity USD Digital Liquidity Fund (FILQ) and BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

BUIDL secures AAA rating from Moody’s, setting the standard for tokenized funds. pic.twitter.com/qsIRBv1bdA

— Securitize (@Securitize) May 13, 2026

AAA-mf is Moody’s highest credit rating specifically for money market funds, assessing their ability to preserve capital and maintain liquidity rather than just default risk. It applies to funds holding very high-quality, short-term assets with strong liquidity buffers.

BlackRock’s BUIDL fund first launched on Ethereum in March 2024 and received its AAA-mf rating via an announcement from Securitize, the platform handling its tokenization and transfer agency work.

The fund now manages roughly $2.3 billion in assets, making it one of the largest tokenized Treasury vehicles in existence, according to RWA.xyz.

Fidelity’s FILQ went live on May 6 after being built on a tokenization platform developed by Sygnum, the Swiss digital asset bank. JPMorgan Chase handles custody and fund administration, Apex Group manages transfer agency duties, and Chainlink publishes the fund’s net asset value and distribution data directly onchain.

From $1 billion to $15 billion in two years

Tokenized US government debt markets have expanded rapidly as traditional financial firms and crypto-native investors seek low-risk, yield-generating blockchain assets.

Two years ago, tokenized US government debt products (Treasury bills, notes, bonds, and money market funds living onchain) represented about $1 billion in total assets under management. Today that number sits above $15 billion. That 1,400% growth came not from retail speculation but from institutional capital flowing into what are essentially the safest fixed-income instruments available, wrapped in smart contracts.

The tokenized real-world asset category hit $31 billion by early May. Tokenized Treasury bill funds specifically grew over 310% in a single year.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.