2023-01-27
Moody’s, a company that provide credit rating service is developing scoring
system for stablecoins. The new does not directly comes from Moody’s, but it is
comes from a report from Bloomberg. According to Bloomberg this scoring system, it will evaluate up to 20 stablecoins. Moody’s will evaluate and attest reserves of each
stablecoin.
Stablecoins should have reserves 1:1 ratio between a stablecoin and assets
that backed stablecoins. Furthermore, stablecoins should always maintain 1:1 pegged.
List of 20 stablecoins are unknown because Moody’s does not release
an official document yet. However, we do know the name of biggest stablecoins.
Many of these stablecoins could be on Moody’s scoring system.
These are 20 biggest stablecoins by market capitalization. (As of
January 27, 2023).
1. Tether, market cap $67.4 billion.
2. USDC, market cap $43.3 billion.
3. Binance USD, market cap $15.9 billion.
4. Dai, market cap $5.1 billion.
5. Frax, market cap $1 billion.
6. TrueUSD, market cap $944 million.
7. Pax Dollar, market cap $917 million.
8. USDD, market cap $717 million.
9. Gemini Dollar, market cap $572 million.
10. Tether Gold, market cap $464 million.
11. Euro Tether, market cap $224 million.
12. Liquity USD, market cap $222 million.
13. TerraClassic USD, market cap $212 million.
14. Alchemix USD, market cap $170 million.
15. Stasis Euro, market cap $135 million.
16. USDX, market cap $99 million.
17. Magic Internet Money, market cap $89 million.
18. flexUSD, market cap $61 million.
19. sUSD, market cap $55 million.
20. Origin Dollar, market cap $51 million.
There are concern that Tether and BUSD are not fully asset-backed
reserves. If the scoring system is officially release, investors can use the
information to evaluate trustworthiness of stablecoins. However, this is not
a credit rating system but it is just a scoring system for stablecoins.
