评级巨头入局！穆迪拟推稳定币评级体系，锚定储备资产与赎回风险

Core Viewpoint - Moody's is introducing a new stablecoin rating system that could redefine how investors assess the $300 billion market for stablecoins [1] Group 1: Moody's Proposal - Moody's plans to assign deposit ratings to stablecoins based on the quality of reserve assets, market risk, and operational safeguards [1] - The proposal is open for public comment until January 29, following its announcement last Friday [1] - The increasing use of stablecoins coincides with new regulatory frameworks, such as the U.S. "Genius Act" passed in July, which provides a regulatory framework for stablecoins [1] Group 2: Evaluation Methodology - Moody's will evaluate the credit quality of each asset in the stablecoin reserve pool to calculate a weighted average [2] - The rating will be constrained by the weakest link, which is the lowest-rated asset in the reserves [2] - Five categories of liquid assets will be assessed, with cash deposits and central government securities receiving higher ratings [2] Group 3: Risk Considerations - The proposal includes considerations for liquidity and governance, as well as potential stress scenarios [2] - Moody's will assess technical risks, such as blockchain security vulnerabilities that could complicate transaction verification [2] - The new rating will not be used to evaluate the stability or investment performance of stablecoins, but rather their likelihood of timely redemption [3]