Moody’s вводит новые стандарты для оценки кредитоспособности стейблкоинов Translated Headline: Moodys Introduces New Standards for Assessing the Creditworthiness of Stablecoins

The international rating agency Moody’s has released a set of criteria for assessing the credit ratings of fiat-backed «stablecoins.»

Until January 26, 2026, the company will be gathering feedback from market participants regarding the proposed framework.

«We will evaluate the creditworthiness and assign ratings to obligations secured by stablecoins,» Moody’s stated.

The initial phase involves examining the quality of each reserve asset. The subsequent phase of analysis will focus on their market value, taking into account type and maturity.

Moreover, Moody’s plans to assess liquidity risks associated with stablecoins, as well as operational and technological threats, storage conditions, transaction transparency, and additional factors.

In November, the agency S&P Global Ratings downgraded the stability rating of USDT from Tether to the fifth level— the lowest on its scale.

Analysts attributed this decision to the rising proportion of risky assets underlying the coin. They believe that the current capital buffer may not suffice to cover losses in the event of a drop in Bitcoin’s value.

Tether’s CEO Paolo Ardoino criticized S&P Global and accused the agency of spreading fear, uncertainty, and doubt (FUD) regarding USDT. He stated that the total assets of the Tether group amounted to approximately $215 billion as of the third quarter of 2025, while the liabilities from issued tokens stood at $184.5 billion. The agency’s experts did not account for $7 billion in excess capital beyond reserves and $23 billion in retained earnings.

The norms set forth in the recently passed GENIUS Act in the U.S. require complete backing of stablecoins with liquid assets and annual audits for issuers with a market capitalization exceeding $50 billion.

In October, Ardoino confirmed that Tether plans to enter the American market with a specially created token, USAT, by the end of this year.

The total supply of USDT exceeds $186 billion, while the main competitor, USDC, stands at $78.4 billion. Circle’s stablecoin fully complies with the norms of the GENIUS Act.

In May, Ardoino emphasized Tether’s focus on emerging economies when discussing the creation of a stablecoin for the American market.

Moody’s believes that the expanded use of stablecoins in such countries poses risks to monetary sovereignty and financial stability.

It is important to recall that USD-pegged tokens could accelerate the process of dollarization in high-inflation economies and undermine central banks’ control over capital movement, as confirmed by the IMF.