S&P Global Ratings Report on Stablecoins: USDC and GUSD Top, DAI and USDT Classified as 'Restricted'

S&P Global Ratings released its stability assessment of stablecoins on Tuesday, covering DAI, FDUSD, USDT, FRAX, TUSD, USDC, USDP, and GUSD. According to their analysis, USDC, USDP, and GUSD received favorable ratings (strong), while USDT, DAI, and FDUSD are positioned in the middle or “constrained,” placing them on the weaker end. On the other hand, FRAX and TUSD received unfavorable ratings (weak).

It's worth noting that none of the stablecoins listed in the initial assessment received the highest rating of “very strong,” and four stablecoins were affected by “negative adjustments.”

Analysts primarily focused on the “quality of assets supporting stablecoins,” with overall quality measured by custody risk, credit, and market value. Additionally, regulatory factors, governance, oversight, liquidity, redeemability, and technology were considered in the assessment.