Moody’s on Friday unveiled a new framework to assess the credit risk of stablecoins seeking broader integration into the traditional financial system. The rating approach centers on the redemption obligation and assigns a formal credit grade. The agency said initial steps will examine each eligible asset in the reserve pool and gauge their credit quality via the assets and related counterparties. As a result, two 1:1 USD pegs may receive different ratings depending on reserve holdings.
In the subsequent phase, Moody’s will weigh market value factors, assessing risk by asset class and maturity and deriving a haircut on asset value. Operational, liquidity, and technical risks will also be folded into the assessment to derive a comprehensive rating. Market participants are invited to provide feedback by January 26, 2026, as the agency refines its framework for potential use in credit analyses and investment decisions.