S&P Global Ratings unveils a comprehensive methodology to evaluate the risks of tokenised money market funds, integrating blockchain-specific considerations into its traditional credit assessment process amid growing institutional interest and evolving regulation.
S&P Global Ratings has set out how it plans to judge tokenised money market funds, outlining a framework that folds blockchain-related risks into the agency’s long-standing approach to fixed-income fund ratings.
In a detailed credit FAQ, the ratings group said its existing tools, including Principal Stability Fund Ratings for money market funds and Fund Credit Quality Ratings for bond funds, can be adapted to assess products that issue and redeem shares on-chain. S&P has been rating funds since 1984 and said the same core credit and liquidity principles still apply, but tokenised structures introduce extra operational and technological questions that must also be examined.
Those questions include the security of smart contracts, the reliability of oracle inputs, the quality of stablecoins used in subscription and redemption flows, wallet protections and the resilience of bridging arrangements when assets move across blockchains. For money market funds in particular, S&P said these factors are folded into assessments of management and internal controls, while younger vehicles with limited operating histories, smaller asset bases or concentrated investor groups may face additional scrutiny.
Cybersecurity features prominently in the methodology. According to the FAQ, S&P looks at whether funds use multi-signature wallets, multi-party computation for key management, multi-factor authentication and clearly segregated administrative permissions. It also considers whether smart-contract code is open source, how reputable the auditors were and whether any flaws identified in reviews were actually fixed.
The agency’s move comes as tokenised money market funds continue to attract assets. Data cited from RWA.xyz puts global assets in the sector at more than $15 billion, still a small slice of the wider US money market industry but large enough to suggest growing institutional interest. S&P currently rates three tokenised funds: the OpenEden TBILL Fund, the Janus Henderson Anemoy Treasury Fund and the Delta Wellington Ultra Short Treasury On-Chain Fund.
The broader regulatory backdrop may also be shifting in the sector’s favour. S&P pointed to the GENIUS Act, enacted in 2025, which created a federal framework for payment stablecoins, including reserve, redemption and anti-money laundering requirements, with implementation expected by January 2027. It also highlighted the CLARITY Act, which has passed the House of Representatives but still faces Senate consideration, as a possible route to greater legal certainty for tokenised instruments. In Europe, the Markets in Crypto-Assets regime, which took full effect in 2024, has already given issuers and intermediaries clearer rules to operate under.
Taken together, the methodology is more than a technical note. It signals that tokenised funds are moving closer to being processed by mainstream institutional risk committees in a way that is familiar to traditional fixed-income markets. That in turn could make it easier for larger allocators to move in, especially if more issuers seek formal ratings and regulatory clarity continues to improve.
- https://thefintechtimes.com/sp-global-outlines-rating-framework-for-tokenised-money-market-funds/ – Please view link – unable to able to access data
- https://www.spglobal.com/ratings/en/sector/fund-ratings/fund-ratings – S&P Global Ratings provides comprehensive fund ratings, including Principal Stability Fund Ratings (PSFR) for money market funds and Fund Credit Quality Ratings for bond funds. These ratings assess credit risk and market volatility, offering investors insights into fund stability and performance. The agency has been rating funds since 1984, covering various types such as money market funds, bond funds, and exchange-traded funds. Their expertise aids investors in making informed decisions by evaluating credit and market risks associated with different fund structures.
- https://www.spglobal.com/ratings/en/research/sectors/funds – S&P Global Ratings offers detailed research on fund ratings, including methodologies for assessing tokenized money market and bond funds. Their reports explain how blockchain-specific risks are incorporated into existing fixed-income fund rating methodologies. The agency rates several tokenized funds, such as the OpenEden TBILL Fund, Janus Henderson Anemoy Treasury Fund, and Delta Wellington Ultra Short Treasury On-Chain Fund, providing insights into the evolving landscape of digital finance and the integration of blockchain technology in traditional asset management.
- https://www.spglobal.com/ratings/en/products/defi/SP%20Global%20Ratings_Tokenized%20Funds%20Brochure.pdf – S&P Global Ratings’ brochure on tokenized funds outlines their methodologies for assessing digital assets, including Principal Stability Fund Ratings (PSFR) and Fund Credit Quality Ratings. The document highlights the agency’s expertise in rating over 500 funds since 1984, covering various fund types such as money market funds, bond funds, and exchange-traded funds. It emphasizes the importance of evaluating credit and market risks in the context of digital assets, providing investors with insights into the stability and performance of tokenized funds.
- https://www.spglobal.com/ratings/en/products/solutions/digital-assets – S&P Global Ratings offers solutions for assessing digital assets, including risk evaluations of digital bonds, tokenized funds, structured notes, and stablecoin stability assessments. Their services support transparency and informed decision-making at the intersection of decentralized innovation and traditional finance. The agency’s expertise aids institutional investors and businesses in understanding emerging market risks associated with digital assets, providing insights into the evolving landscape of decentralized finance and its integration into global financial systems.
- https://www.congress.gov/bill/119th-congress/senate-bill/1582/actions – The GENIUS Act (S.1582) is a U.S. federal law enacted in 2025 to regulate payment stablecoins. It establishes a federal licensing regime requiring one-to-one liquid reserves, redemption at par, and robust anti-money laundering controls, with implementation expected by January 2027. The act aims to provide legal clarity for stablecoin issuers and service intermediaries, facilitating broader institutional adoption by reducing regulatory uncertainty. It represents a significant step in integrating digital assets into the traditional financial system.
- https://www.congress.gov/crs-product/IN12553 – The Congressional Research Service’s overview of the GENIUS Act (S.1582) provides insights into the legislation’s provisions for regulating payment stablecoins. The act defines payment stablecoins as digital assets issued for payment or settlement, redeemable at a predetermined fixed amount. It outlines requirements for issuing payment stablecoins, including reserve requirements and redemption terms, aiming to establish a clear regulatory framework for stablecoin issuers and service intermediaries, thereby reducing regulatory uncertainty and promoting broader institutional adoption.
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emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
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warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on July 10, 2026, and references a report from June 18, 2026. The Fintech Times is a niche publication, which may limit its reach and impact. The article appears to be original, with no evidence of recycling or republishing from other sources. However, the reliance on a single source for the report’s details raises concerns about the freshness and originality of the content.
Quotes check
Score:
7
Notes:
The article does not include direct quotes, which makes verification challenging. The absence of verifiable quotes reduces the credibility of the information presented.
Source reliability
Score:
6
Notes:
The Fintech Times is a niche publication, which may limit its reach and impact. The article relies on a single source for its information, which raises concerns about the reliability and independence of the reporting. The lack of direct quotes further diminishes the source’s reliability.
Plausibility check
Score:
8
Notes:
The claims about S&P Global Ratings’ framework for assessing tokenised money market funds are plausible and align with the agency’s known activities. However, the absence of direct quotes and reliance on a single source make independent verification difficult.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information about S&P Global Ratings’ framework for assessing tokenised money market funds, referencing a report from June 18, 2026. However, the reliance on a single source, The Fintech Times, and the absence of direct quotes raise concerns about the freshness, originality, and reliability of the content. The lack of independent verification and the niche nature of the publication further diminish the credibility of the article.