S&P gives BlackRock tokenized reserve fund top stability rating

S&P Global Ratings assigned its highest principal stability fund rating to BlackRock’s new tokenized money market fund.The ratings provider assigned an “AAAm” rating to the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) on Monday, citing the creditworthiness of its investments and counterparties, its maturity structure and management’s ability to maintain a stable net asset value.S&P said 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 also described the fund’s tokenization framework as operationally resilient, citing controls intended to mitigate cyber, smart contract and blockchain network risks. The fund uses a permissioned architecture that restricts transactions to whitelisted wallets.BRSRV launched on Monday as an open-end management investment company, which seeks to operate so that its shares qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act.The fund will hold cash, US Treasury securities maturing in 93 days or less and overnight repurchase agreements secured by Treasur...