According to CoinMeta, S& P Global Ratings disclosed that it has granted the highest “AAAm” principal stability rating to Blackstone’s daily reinvestment stablecoin reserve tool (BRSV). The reasons for this rating include the creditworthiness of the investees and counterparties, the maturity structure, as well as the fund’s ability to maintain a stable net asset value. The fund holds cash, U.S. Treasury bills with maturities not exceeding 93 days, and overnight Treasury bill repurchase agreements, and adopts a permissioned architecture that limits transactions to whitelisted wallets. S&P also stated that among the 11 stablecoins it covers, 6 maintain a “sufficient” or higher ability to maintain their peg. The ratings for USDT, TrueUSD ( TUSD ), and Ethena USD ( USDE ) are all at level 5 “weak”.