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14.02 - 16:59
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
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Binance's Stablecoin Under Fire: Rival Circle Sounds the Alarm to NY Regulators cryptonews.com /1 year ago
Bloomberg Expert Sounds the Alarm: Bitcoin at Risk of Major Collapse – Here's Why cryptonews.com /1 year ago
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