Moody's Developing Score System for Stablecoins: Report
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Credit rating giant Moody's Corp. is developing a scoring system for stablecoins as the market worth of $138 billion faces regulatory scrutiny over non-transparent business structure.

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According to a report from Bloomberg, the rating agency wants to make an analysis of 20 stablecoins, examining attestations of their reserves. Although the system is in early innings, it won't represent an official credit rating, a person close to the matter said.

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So far, Moody's has been only reviewing publicly-listed companies, including crypto-related ones such as Coinbase. Last July, Moody's downgraded Coinbase corporate family rating from Ba2 to Ba3 due to "substantially weaker revenue" and declines in trading activity. Moody's noted should the market decline further, it would likely result in lower transaction revenue for the US-based exchange.

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