Some Stablecoins Face De-Pegging Risks, S&P Global Ratings Says

Dow Jones01:57

Some stablecoins are well-positioned to maintain their peg to fiat currencies, but others face greater risks of de-pegging, S&P Global Ratings said Tuesday.

Of the 11 stablecoins subject to the credit-rating agency's Stablecoin Stability Assessments, six were rated adequate and above. Ratings for two stablecoins were revised to a weaker level over the past three quarters, the agency said.

Tether was downgraded to weak from constrained in November, the agency said. TrueUSD and Ethena USD maintained weak ratings, and First Digital USD and Sky Dollar/Dai Stablecoin were rated constrained.

USD Coin, Euro Coin, Global Dollar, and Paxos USD all got strong ratings, while Gemini USD and EUR Convertible were rated adequate.

"With over half of our assessments now at adequate or above, we are seeing stronger asset quality and good risk management practices among some issuers," S&P Global Ratings Digital Assets Analyst Mohamed Damak said. "However, significant differences remain across stablecoins which can increase the risk of de-pegging."

The rankings consider the strength of the stablecoin's underlying assets, overcollateralization, and reserve funds, as well as governance and the issuers' track records, among other factors.

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