A top stability rating from S&P Global now attaches to BlackRock's tokenized reserve fund, reflecting the fund's capacity to maintain a stable net asset value. S&P separately reaffirmed USDT as one of the lowest-rated stablecoins under its existing assessment framework. The two conclusions share a methodology and sit at opposite ends of the scale.
What the rating actually scores
Net asset value stability is the operative criterion. For a tokenized reserve fund, that maps to whether the on-chain token tracks the value of the underlying holdings without breaking peg. The rating addresses that narrow question and only that question. It does not speak to yield, redemption mechanics, counterparty exposure, or fee drag. S&P assessed what its framework asks, nothing beyond it.
USDT at the opposite end
S&P applied the same existing assessment framework to both products and arrived at contrasting conclusions. BlackRock's fund earns the top mark. USDT is reaffirmed near the bottom of the same scale. The inputs differ; the methodology does not. That consistency is what makes the comparison legible rather than incidental.
What the split means for the tokenized dollar market
Institutional allocators now have a named, third-party reference that separates tokenized reserve funds from crypto-native stablecoins on at least one dimension: NAV stability. The rating is narrow by design, and reading it as a complete due-diligence proxy would be a category error. The more pointed signal is the USDT reaffirmation: under S&P's existing framework, the largest crypto-native stablecoin by circulation remains among the lowest-rated products the agency has assessed.