World-renowned rating agency Moody’s is working on a system to rate stablecoins such as USDT and USDC.
Moody’s will analyze around 20 stablecoins and rank them based on their underlying assets, unnamed sources told Bloomberg. The sources also stressed that this should not be considered an official credit rating.
According to CoinMarketCap, there are more than 100 stablecoins on the market. The top 20 are as follows:
Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), TrueUSD (TUSD), Pax Dollar (USDP), USDD (USDD), Gemini Dollar (GUSD), Fei USD (FEI), TerraClassicUSD (USTC), Neutrino USD (USDN), Tribe (TRIBE), Frax (FRAX), Liquidity USD (LUSD), STATIS EURO (EURS), USDX (USDX), sUSD(SUSD), Vai (VAI), Origin Dollar (OUSD).
Stablecoins have been the subject of great controversy, especially after the collapse of the algorithmic stablecoin UST on the Terra network. The holdings of stablecoin issuing companies for these assets came under close scrutiny. During this time, Tether, the issuer of the two largest stablecoins, USDT, and Circle, the issuer of USDC, have improved their reserves in response to the criticism. They even made agreements with audit firms and started to share regular audit reports periodically.
As of today, USDT, which has a size of 67 billion dollars, still maintains its throne. On the other hand, USDC is getting closer to it every day. The number of USD Coin in circulation is over 43 billion.
