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Moody's preps stablecoin scoring system - Bloomberg
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finextra.comThe system will offer an analysis of the coins based on the quality of attestations on the reserves backing them, says Bloomberg, citing a source. However, it will not represent an official credit rating.Stablecoins are designed to be less volatile than the likes of Bitcoin because they are pegged to another asset, usually the US dollar.
To ensure this, issuers generally hold reserves of the asset to match the token.However, questions have been raised about whether this actually happens. Tether, which has $67 billion of dollar-pegged stablecoins in circulation, was fined by US authorities in 2021 for lying about its reserves, notes Bloomberg.
. Read more on finextra.comAbout this in other media
The fate of dollar-pegged stablecoins in question: Law Decoded, Feb. 13–20 cointelegraph.com /1 year ago
San Francisco federal bank eyes CBDC system development, reveals job posting cointelegraph.com /1 year ago
Is USDC the next Stablecoin to crack under the weight of regulatory pressure? ambcrypto.com /1 year ago
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