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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.
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