[Moody's Proposes New Stablecoin Rating Framework, Focusing on Reserve Asset Quality]
Moody's has released a new proposed framework for rating stablecoins, with a core emphasis on the credit quality of reserve assets, market value risk, and operational risk assessment. Under this framework, even two stablecoins both pegged '1:1 to the US dollar' may receive different ratings due to differences in the types of reserve assets. The rating process includes evaluating asset credit quality, setting 'loan-to-value ratios,' and incorporating operational risks. The report highlights that issuers must segregate reserve assets from other business operations.