S&P Global Ratings assigned BlackRock’s tokenized reserve fund its top stability rating of AAAm. This rating, separate from stablecoin assessments, measures a fixed-income fund’s capacity to maintain a stable net asset value and limit exposure to principal losses due to credit risk. S&P launched this assessment framework in December 2023. Stablecoins such as USD Coin, Euro Coin and Paxos USD receive scores of « strong » (2), while others like First Digital USD or Dai are rated « constrained » (4).
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