Moody’s proposes new global rating framework for stablecoins

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Yaroslav Dmytrenko

13.12.2025

Moody’s proposes new global rating framework for stablecoins — Moody’s unveils stablecoin rating model based on reserve assets

Moody’s, one of the “big three” credit rating agencies, is developing a new framework for assessing stablecoins as digital assets continue to integrate into traditional finance.

Under the proposed Moody’s stablecoin rating system, two U.S. dollar-pegged tokens with 1:1 backing could receive different ratings depending on the types of assets used as reserves.

“We will assess creditworthiness and assign ratings to stablecoin obligations… and propose first evaluating each eligible asset type within the reserve pool backing a stablecoin, assessing the asset’s credit quality using its own rating and that of related counterparties,” the agency said on Friday.

At the next stage of analysis, Moody’s will evaluate the market value risk of each eligible reserve asset based on its type and maturity, followed by the application of preliminary haircuts to the value of each asset category.

“We also propose incorporating stablecoin operational risk, liquidity risk, technology risk, and other factors in determining the assigned rating,” Moody’s added.

A timely proposal

As reported by The Block, the proposal comes at a time when many financial institutions are preparing to further adopt or expand their use of stablecoins, particularly in the United States.

The recently enacted GENIUS Act, which regulates stablecoin activity in the U.S., requires issuers to maintain highly liquid reserves backing their stablecoins, including high-quality assets such as deposits at insured banks and U.S. Treasury bills.

Moody’s stated that its “cross-sector rating methodology” would be applied globally to stablecoins where the issuer’s stablecoin-related activities—including issuance, servicing, custody, and management of reserve assets—are effectively ring-fenced from other business operations.

“Effective separation means that reserve assets may be used solely to meet stablecoin obligations, including in the event of bankruptcy of the stablecoin issuer or its affiliates,” the agency explained.

Moody’s is inviting market participants to submit feedback on the proposed framework by January 26, 2026.

As we wrote, Circle creates USDCx: Why company needs anonymous stablecoin

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