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]

稳定币是一种旨在追踪其他资产(通常是美元)价格的加密货币。发行方通常持有现金和短期政府债务等 资产作为储备，以支持其锚定机制。本月比特币价格暴跌，使该资产有望创下自2022年加密行业破产潮 以来最糟糕的月度表现。 此外，Rebecca Mun与Mohamed Damak表示，USDT发行商Tether就其托管方、交易对手或银行账户提供 商的信用状况提供的信息有限，其他弱点还包括储备管理透明度有限、缺乏资产隔离以防发行方破产风 险、以及用户无法直接向Tether大规模赎回USDT的限制。 对于标普全球的报告，Tether在一份声明中表示"强烈否认报告中的描述"。Tether回应称："该报告沿用 过时的分析框架，无法反映数字原生货币的特性、规模及其宏观经济重要性，并忽视了清楚展示USDT 韧性、透明度与全球使用价值的数据。"Tether还强调，该公司自2021年以来已持续公布季度独立审计认 证报告，且从未拒绝过任何经过验证用户的赎回请求。 评级机构标普全球将Tether发行的稳定币USDT与美元锚定能力的评级下调至最低一档，并警告称，比 特币价格下跌可能导致该稳定币出现抵押不足的风险。据悉，标普全球将USDT的稳 ...