Moody’s Assigns Top Ratings to BlackRock, Fidelity Tokenized Money Market Funds

Moody’s Ratings assigned its highest credit grade to tokenized money market funds issued by BlackRock and Fidelity.

CoinDesk reported on May 14 that Moody’s gave the funds an AAA-mf rating. The grade denotes very strong liquidity, a very high ability to preserve principal and the lowest level of credit risk.

Fidelity’s tokenized money market fund, the FILQ Fund, was launched on May 6. It was built on Desygnate, the tokenization platform of Swiss crypto bank Sygnum.

The platform supports on-chain fund registration, smart contract-based settlement, and subscriptions and redemptions via stablecoins. Its aim is to enable real-time on-chain cash settlement.

“Without tokenized liquidity, there is no tokenized finance,” Emma Pecenicic, head of digital asset distribution at Fidelity International, said. “If markets settle in real time, cash must also settle in real time.”

BlackRock’s BUIDL, launched in March 2025, is the world’s largest tokenized Treasury fund. It accounts for about 15% of the tokenized U.S. Treasury market.

The tokenization market has been expanding rapidly, led by U.S. Treasuries. Data from real-world asset platform rwaxyz show assets under management in on-chain tokenized Treasuries recently surpassed $15 billion. That is nearly 15 times the roughly $1 billion recorded two years ago.