Catenaa, Monday, December 15, 2025- Moody’s is proposing a new methodology for rating stablecoins, focusing on the creditworthiness of the assets backing them as digital tokens gain traction in traditional finance.
The framework would assess the quality of each asset in a stablecoin’s reserve pool, considering credit ratings of the assets and counterparties.
Market value, operational risk, liquidity, and technology risks would also factor into the ratings. Moody’s said two USD-pegged stablecoins could receive different ratings even if both claim 1:1 backing, depending on the composition and quality of their reserves.
The proposal aligns with regulatory trends such as the US GENIUS Act, which mandates highly liquid and secure assets, including insured bank deposits and Treasury bills, to back stablecoins.
Moody’s noted that effectively segregated reserve assets, which can only be used to meet stablecoin obligations, are central to the methodology, including in issuer bankruptcy scenarios.
Tether, the world’s largest stablecoin issuer, has faced scrutiny over transparency of its reserves but recently disclosed $135 billion in US.
Treasuries and plans a US-specific token. Moody’s said its proposed “cross-sector rating methodology” would apply globally to stablecoins with clearly segregated reserves.
Market participants are invited to comment on Moody’s proposed system by Jan. 26, 2026. The initiative reflects growing interest from financial institutions in assessing stablecoin risk as adoption expands.
