S&P Global Ratingsa leading financial ratings company, now provides ratings for the main stablecoinsincluding USDT, USDC and DAI.
The American S&P Global Ratings began rating the major stablecoins of the crypto market. The company now provides ratings and reviews for 8 tokens, including Tether’s USDT.
S&P Global Ratings rates risks related to asset quality, including credit, market value and retention risks. The firm also looks at “the extent to which overcollateralization requirements and liquidation mechanisms can mitigate these risks”. It also looks at governance, the legal and regulatory framework, repayment capacity and liquidity, technology and third-party dependencies, as well as “track record”.
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The stablecoins listed in the S&P Global Ratings system are USDT, USDC, DAI, FDUSD, FRAX, GUSD, USDP and TUSD.
S&P Global Ratings thus assesses the suitability of Tether (USDT)whose marketcap now exceeds $90 billion, to maintain its dollar peg at “4”. “1” being the best rating and “5” the worst.
“Our asset rating of 4 reflects a lack of information on the entities that are custodians, counterparties or bank account providers of USDT reserves. This is despite the fact that a large proportion of USDT reserves are short-term US Treasury bills and other dollar cash equivalents. There is also significant exposure to higher-risk assets with limited disclosure. assets could be subject to credit, market, interest rate or currency risks,” reads S&P Global Ratings’ detailed analysis.
At the beginning of the year, Bloomberg reported that Moody’s, another major US rating agency, was looking into a scoring system for stablecoin-type cryptocurrencies.
The solidity of these tokens is a key point for investors. In recent years, the majority of stablecoins have experienced episodes of depeg (prices falling below $1). The last notable one concerned the USDC, and took place in the spring of 2023 during the US banking crisis.
Some digital coins, such as TerraUSD, fell off the greenback and never recovered their original value.
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