Top rating agency Moody's has proposed a stablecoin rating framework that focuses on reserve quality.

According to a report by The Block on December 13th, top credit rating agency Moody's is proposing a new framework for assessing stablecoins, which are increasingly integrated into the traditional financial system. The agency stated on Friday, "We will conduct credit assessments and assign ratings to stablecoins based on their debt repayment obligations. We propose first assessing each eligible asset type in the stablecoin reserve pool and determining its credit quality through the ratings of the assets and related counterparties." This framework means that, in practice, two stablecoins claiming a 1:1 peg to the US dollar may receive different ratings due to differences in their underlying reserve assets. Moody's added, "The second step of our analysis will consider market value factors, namely assessing the market value risk of each eligible reserve asset based on asset type and maturity. The analysis will derive a deduction ratio applicable to the value of each asset type. We further propose incorporating factors such as operational risk, liquidity risk, and technological risk of stablecoins to ultimately form a rating conclusion." Moody's is now inviting market participants to submit feedback on the proposal by January 26, 2026.