[Digital Today reporter Chi-gyu Hwang (황치규)] BlackRock’s new tokenised money market fund received AAAm, S&P Global Ratings’ highest principal stability fund rating.

Cointelegraph reported that the product assessed was the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV).

S&P said it assigned the rating based on investment assets, counterparty creditworthiness, maturity structure and managers’ ability to maintain a stable net asset value. It assessed BlackRock Advisors’ management and organisation, credit research and analysis, risk management and compliance as having no weaknesses.

BRSRV’s tokenised structure was also reflected in the stability assessment. S&P said the fund’s tokenisation framework has operational resilience. It assessed that controls are in place to reduce risks from cyber attacks, smart contracts and blockchain networks, and that it applies a permissioned structure that restricts transactions to whitelisted wallets.

BRSRV aims to become a qualifying reserve asset for payment stablecoin issuers. Its holdings consist of cash, U.S. Treasuries with maturities of 93 days or less, and overnight repurchase agreements collateralised by Treasuries. It maintains a weighted average maturity of 60 days or less and a weighted average life of 120 days or less.

This rating is separate from a stability assessment of the stablecoin itself. Cointelegraph reported that principal stability fund ratings assess how well bond funds maintain a stable net asset value and how much they can limit exposure to principal losses from credit risk.