Moody's to create a scoring system for Stablecoin
Ratings agency Moody's is developing a scoring system for "stable coins". It will be based on an assessment of the quality of collateral reports.
The initiative is at an early stage of creation.
Analysts intend to calculate scores for 20 Stablecoins. Assigning a rating in the usual sense of the agency is not expected.
The interest was attributed to increased attention to the sector from regulators and investors.
Bloomberg recalled Tether Limited's October 2021 payment of a $41 million fine for "false or misleading statements" about full USDT collateral.
Earlier, analysts at CryptoCompare pointed to a drop in the market share of algostablecoins from 12.4% in April 2022 to 1.71%. The reason for this was the collapse of Terra USD. The incident caused increased attention from regulators around the world.
The head of the US Treasury Janet Yellen called for the approval of the regulation of "stable coins" by the end of 2022. According to the media, the proposed bill would impose a two-year ban on new algorithmic stablecoins like Terra USD.