Moody's rates tokenized money funds Aaa-mf

Moody’s assigned Aaa-mf assessments to tokenized money market funds tied to Fidelity and BlackRock, according to fund materials and Moody’s descriptions of its money market fund assessment framework. The move extends a long-established short-term fund rating scale to products that record ownership or transfer activity on blockchain-based infrastructure. (institutional.fidelity.com) Fidelity’s product page for its Treasury Digital Fund - OnChain Class shows the fund as a taxable money market vehicle with a $1.00 net asset value and U.S. Treasury exposure. BlackRock’s Government Money Market Portfolio page shows a separate government money market fund with a $1.00 net asset value and a mandate to invest at least 99.5% of assets in cash, U.S. government obligations and related repurchase agreements. (moodys.com) ### What exactly did Moody’s rate? Moody’s says a money market fund assessment is “an opinion of the investment quality” of shares in funds that principally invest in short-term fixed-income obligations. The firm says the assessment scale is distinct from its standard credit ratings and uses symbols such as Aa-mf and Aaa-mf. Fidelity’s institutional page identifies the rated product as the Fidelity Treasury Digital Fund - OnChain Class, ticker FYOXX. The page says the class is a taxable money market fund, had a $1.00 NAV as of May 11, 2026, and held U.S. Treasury bills as its top instrument as of April 30. BlackRock’s public product pages do not, in the material reviewed, spell out the tokenized share class in the same way Fidelity’s page does. (institutional.fidelity.com) BlackRock’s cash-management pages and earlier company materials describe digital liquidity offerings and government money market products, but the precise public page naming the tokenized fund tied to the Moody’s assessment was not available in the sources reviewed. (moodys.com) ### What does Aaa-mf measure? Moody’s says its money market fund assessment incorporates a fund’s published investment objectives and policies, the creditworthiness of the assets held by the fund, the liquidity profile of those assets relative to the investor base, susceptibility to market risk, and management characteristics. Moody’s also says the assessment is not intended to measure prospective performance, net asset value appreciation or yield. (institutional.fidelity.com) Fidelity’s fund page uses similar language in its disclosure about third-party money market fund ratings. The page says such ratings range from AAAm or Aaa-mf at the top of the scale to Dm or C-mf at the bottom and include analysis of liquidity, diversification, operational policies, internal controls and asset creditworthiness. (blackrock.com) ### How do these tokenized funds differ from ordinary money funds? Fidelity labels its product an “OnChain Class,” which signals that the fund’s share ownership or transfer record is linked to blockchain infrastructure while the underlying portfolio remains a conventional money market pool invested in short-dated government assets. The product page shows a stable $1.00 NAV and yield data formatted like other money market funds. (moodys.com) BlackRock’s broader digital-fund push has centered on bringing traditional short-term instruments onto tokenized rails rather than changing the underlying asset mix. Public BlackRock materials reviewed for this story show its government money market portfolio still follows the standard Rule 2a-7 framework for government money funds, including maturity and liquidity constraints, even as the firm has separately promoted digital liquidity products. (institutional.fidelity.com) ### Why is Moody’s writing about tokenization now? Moody’s digital economy research page this week highlighted tokenized assets and digital money as a current research focus. On May 12, Moody’s published research saying U.S. financial markets “envision” a shift to tokenized assets and digital money, and on May 11 it said tokenization would alter transaction flows but was unlikely to remove intermediaries. (institutional.fidelity.com) The same Moody’s research page says digitalization of finance promises faster and cheaper transactions but that adoption will be measured. That framing matches the agency’s broader view that tokenized finance may expand gradually even as large incumbents keep central roles in market structure. ### What can investors verify on public pages today? (blackrock.com) As of May 11, 2026, Fidelity’s OnChain class page showed a $1.00 NAV and a 7-day yield of 3.48%. The page also showed 100% of the portfolio in U.S. Treasury bills as of April 30, 2026. As of May 13, 2026, BlackRock’s Government Money Market Portfolio page showed a $1.00 NAV, a 7-day SEC yield of 3.24% and fund assets of $106.6 million. (moodys.com) The page says the fund invests at least 99.5% of total assets in cash, U.S. government obligations and repurchase agreements secured by those assets or cash. Moody’s continues to list digital finance as an active research area on its public site, and Fidelity and BlackRock continue to publish current product data on their institutional fund pages. (moodys.com) Those pages are the next public checkpoints for any change in rating disclosures, yields or asset composition. (blackrock.com) (institutional.fidelity.com)