Moody's proposes a stablecoin evaluation framework "centered on reserve quality".

According to The Block, credit rating agency Moody's has proposed a new framework for assessing stablecoins. This framework will evaluate and rate the creditworthiness of stablecoin debt. Moody's framework effectively means that two stablecoins claiming 1:1 backing of the US dollar, even if they share the same underlying assets, could receive different ratings simply because of the different assets used to back them. Moody's stated, "We will address market value considerations by estimating the market value risk of each eligible reserve asset, depending on its type and maturity." "The analysis will derive a projected interest rate applicable to the value of each asset. We also recommend considering the stablecoin's operational risk, liquidity risk, technological risk, and other factors to arrive at a final rating."