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USDG 
EURC S&P Global Ratings awarded its top rating to BlackRock's new tokenized money market fund.
The rating agency awarded BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) an "AAAm" rating on Monday, citing its excellent performance in terms of the credit quality of its investors and counterparties, term structure, and management's ability to maintain a stable net asset value.
Standard & Poor's said it found no weaknesses in its qualitative assessment of BlackRock Advisors 'management and organization, credit research and analysis, risk management and compliance.
The rating agency also called the fund's tokenization framework operationally resilient and listed controls aimed at mitigating cyber attacks, smart contracts and blockchain cyber risks. The fund adopts a permission-based architecture and only allows transactions in whitelisted wallets.
BRSRV was launched on Monday as an open-managed investment company with the operating goal of having its share meet the qualifying reserve asset requirements for paying stablecoin issuers under the GENIUS Act.
The fund will hold cash, U.S. Treasury bonds with maturities of no more than 93 days, and overnight repurchase agreements backed by Treasury instruments. The weighted average duration of the fund shall not exceed 60 days, and the weighted average duration shall not exceed 120 days.
Meanwhile, Standard & Poor's Global released a summary of the current stability assessment of stablecoins on Tuesday, saying that 6 of the 11 stablecoins it covers have "sufficient" or stronger ability to maintain pegs to fiat currencies.
Standard & Poor's said that in the past three quarters, two assessments have been downgraded and the remaining nine remain unchanged.
Tether's USDt (USDT) remains at level 5 after being downgraded by Standard & Poor's from level 4 ("Restricted") to level 5 ("Weak") in November 2025. TrueUSD (TUSD) and Ethena USD (USDe) were also rated 5.
S & P Global Ratings Current stablecoin stability assessments (SSAs).
Euro Coin (EURC), USD Coin (USDC), Global Dollar (USDG) and Paxos USD (USDP) were rated as Level 2 ("Strong"). Gemini USD (GUSD) and EUR Convertible (EURCV) were rated 3 ("Adequate").
First Digital USD (FDUSD) and Sky Dollar/Dai (USDS/DAI) were rated 4 ("Restricted").
Standard & Poor's will launch the evaluation framework in December 2023. Its analysis takes into account the asset backing, liquidity, governance, redemption arrangements, legal and regulatory protection, technology dependence, and the issuer's historical record. The evaluation level ranges from 1 ("very strong") to 5 ("weak").
The AAAm rating awarded to BlackRock Funds this time is separate from S & P's stablecoin assessment. The principal stabilization fund rating measures the ability of a fixed income fund to maintain a stable net asset value and limit exposure to principal losses due to credit risk.
