The rating recognizes the fund’s ability to maintain a stable net asset value, while S&P separately reaffirmed USDT among the lowest-rated stablecoins under its existing assessment framework. 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. Read more
JPMorgan’s Kinexys platform will tokenize select BlackRock money market fund shares denominated in pounds, euros and US dollars. BlackRock will offer tokenized versions of select European money market funds using JPMorgan’s blockchain infrastructure. According to a Tuesday Bloomberg report, the offering will include pound sterling, euro and US dollar share classes from BlackRock’s Institutional Cash Series, which collectively manage about $311 billion. The figure refers to the broader fund range, not the assets that will be tokenized. Each token will represent a share in an underlying money market fund and can be transferred around the clock between approved digital wallets. Read more
The asset manager introduced two blockchain-based money market funds designed to qualify as stablecoin reserve assets under the US GENIUS Act. BlackRock, the world’s largest asset manager, has launched two tokenized money market products designed to serve as reserve assets for stablecoins, marking another step in bringing regulated financial products onto blockchain infrastructure. The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of the asset manager’s existing Select Treasury Based Liquidity Fund on Ethereum. Eligible investors can transfer tokenized fund shares between approved wallets while the fund continues investing in cash, short-term US Treasurys and Treasury-backed overnight repurchase agreements. BNY serves as the transfer agent and tokenization provider for the fund’s onchain shares. The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenized money market fund available to insti...