The rating agency S&P Global Ratings has published its assessment of the stability of stablecoins. The largest coin by capitalization, Tether (USDT), received a low score. ForkLog writes about this.
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In their research, analysts relied on the “quality of assets supporting the coin,” measured by depository risks, as well as credit and market value.
The degree of regulation, the issuer’s business model, transparency, and liquidity were also taken into account , the possibility of repayment and the technologies used.
S&P Global Ratings has identified five grades of assessment:
- very strong strong adequate limited weak
In the current rating, none of the assets received a high score.
USDC, USDP and GUSD were rated “strong”, and only USDM was “adequate”.
Stablecoins USDT, DAI and FDUSD were called “limited” (these coins are included to market leaders). The most risky (“weak”) are FRAX and TUSD.
The largest stablecoins by capitalization are the following coins:
Source: cryptorank.io