S&P Global has handed BlackRock's tokenized reserve fund its top stability rating. The agency confirmed the fund can keep its net asset value steady, which matters for anyone holding the tokens. Meanwhile, S&P took a different stance on USDT, keeping Tether's stablecoin among the lowest-rated in its assessment.
The contrast is sharp. BlackRock's entry into tokenized assets carries institutional weight, and S&P's vote of confidence signals that the structure works. The rating essentially says the fund won't surprise holders with sudden value swings. That's the bare minimum for any reserve asset, but getting S&P to say it publicly carries real credibility in markets where risk appetite is fragile.
Tether's lower rating, by comparison, reflects ongoing concerns about transparency and backing. S&P's framework hasn't budged on that front, even as USDT dominates actual trading volumes across exchanges. The gap between what regulators rate and what traders use remains one of crypto's oddest disconnects.
