Moody’s entra no jogo: Agência de rating vai classificar stablecoins com base na qualidade dos ativos que as lastreiam

O mundo cripto está prestes a ganhar um novo selo de confiança—ou desconfiança—direto de Wall Street.

O que está acontecendo

A Moody's, uma das 'Três Grandes' agências de rating, anunciou planos para lançar um sistema de classificação para stablecoins. O foco? Analisar friamente a qualidade, liquidez e tipo dos ativos que supostamente garantem o valor de cada moeda estável. É uma tentativa de trazer transparência a um mercado que muitas vezes opera como uma caixa-preta para o investidor comum.

Por que isso importa

Para o setor, é um divisor de águas. Uma classificação alta da Moody's pode se tornar o Santo Graal para uma stablecoin, abrindo portas para instituições financeiras tradicionais que, até agora, observavam com ceticismo. Por outro lado, uma nota baixa pode ser um golpe fatal—expõe fragilidades e afasta capital. Basicamente, a Moody's está prestes a dizer quem está realmente lastreado e quem está apenas fazendo bluff com reservas nebulosas.

O veredito do mercado

Espere um terremoto de repricing no ecossistema stablecoin. Projetos com treasuries transparentes e de alta liquidez vão brilhar. Aqueles com lastro duvidoso ou excessivamente arriscado podem ver sua paridade com o dólar—e a confiança dos usuários—desaparecer mais rápido que um meme coin em bear market. É a velha máxima financeira ganhando vida digital: em tempos de crise, a qualidade do balanço patrimonial é tudo.

No fim, é mais um passo na inevitável institucionalização das criptomoedas. A Moody's, afinal, precisa encontrar novos produtos para classificar agora que os pacotes de hipotecas tóxicas estão fora de moda. O setor ganha credibilidade; as agências de rating ganham uma nova linha de receita. Todos ganham—exceto, talvez, os projetos que preferiam que ninguém olhasse muito de perto para seus livros.

Moody’s proposes a new way to rate stablecoins specifically 

Moody’s new framework suggests that two tokens linked to the US dollar, which claim to be backed 1:1, could be subjected to different ratings depending on the type of assets used to back them.

Sources noted that the credit rating agency has released this suggestion at a time when several financial institutions are preparing themselves to begin embracing or boost their use of stablecoins, especially in the United States. 

Following this situation, Moody’s elaborated that “The second part of our proposed analysis would focus on market value risks by evaluating the risk associated with each reserve asset based on its type and how long until it matures.”

To expand on this statement, sources familiar with the matter highlighted that this analysis will result in the existence of advance rates that apply to each kind of asset’s value. Moreover, they acknowledged that the agency’s proposal recommends considering a stablecoin’s operational risk, liquidity risk, technology risk, and other factors when determining its rating.

As this proposal was shared with the public for feedback, reports mentioned that Tether, a financial technology company that issues the world’s largest stablecoin has received backlash in the past concerning its transparency regarding the reserves supporting its stablecoin.

To address this criticism, the fintech company took crucial steps aimed at reassuring the market. The crypto firm also made it clear that it intends to launch a stablecoin targeted at the US market soon.

Meanwhile, reports dated October noted that Tether announced it has a total of approximately $135 billion invested in US Treasuries. Regarding the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act) that was recently approved, reliable sources stated that the bill establishes the first comprehensive federal regulatory framework for payment stablecoins in the United States. These sources mentioned that the bill encourages issuers to maintain highly liquid reserves to back their stablecoins.

On the other hand, analysts argued that such reserves should cover safe assets, such as deposits at insured banks and US Treasury bills. 

Moody’s proposal raises heated debates among individuals 

Following Moody’s proposal, reports this week highlighted that the credit rating agency presented a strategic plan outlining how it would evaluate stablecoins. 

In this detailed plan, Moody’s stated that its “cross-sector rating methodology” would be the suitable method to apply globally to stablecoins, particularly where practices of issuing and managing this cryptocurrency are kept separate from other activities.

The agency referred to these separated assets as reserve assets. According to them, effective segregation means these reserve assets can only be utilised in meeting obligations linked to the stablecoin. This applies even if the issuer or its affiliates go bankrupt.

Notably, Moody’s reportedly created room for comments from market participants on its suggested system. The deadline for feedback is scheduled for January 26, 2026.

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