Moody’s вводит новые критерии для оценки кредитоспособности стейблкоинов Translation: Moody’s introduces new criteria for assessing the creditworthiness of stablecoins

The international rating agency Moody’s has released a set of criteria to assess the credit ratings of fiat-linked «stablecoins.»

Until January 26, 2026, the firm will be collecting 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 will focus on examining the quality of each reserve asset. The second phase will analyze their market value, taking into account the type and maturity of the assets.

Additionally, Moody’s plans to evaluate liquidity risks associated with stablecoins, operational and technological threats, storage conditions, transparency of operations, and other relevant factors.

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

Analysts explained this decision by the increasing share of risky assets backing the coin. They believe the current capital buffer may be inadequate to cover losses in the event of a Bitcoin price drop.

Tether’s CEO Paolo Ardoino criticized S&P Global and accused the agency of spreading FUD concerning USDT. He stated that Tether’s total assets for the third quarter of 2025 were approximately $215 billion, while the liabilities from issued tokens stood at $184.5 billion. The agency’s experts did not include $7 billion of excess capital above reserves and $23 billion of undistributed profits.

The recently passed GENIUS Act in the U.S. mandates that stablecoins be fully backed by liquid assets and require annual audits for issuers with a market capitalization exceeding $50 billion.

In October, Ardoino confirmed that Tether would enter the U.S. market with a newly created token, USAT, by the end of this year.

The total supply of USDT exceeds $186 billion, while its main competitor, USDC, stands at $78.4 billion. The stablecoin from Circle is fully compliant with the regulations of the GENIUS Act.

In May, Ardoino reiterated his focus on developing a stablecoin for the U.S. market and emphasized Tether’s orientation towards emerging economies.

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

It should be noted that U.S. dollar-pegged tokens may accelerate the dollarization process in high-inflation economies and undermine central banks’ control over capital movement, as confirmed by the IMF.