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The S&P Global Rating gives a assessment on major stablecoins, including DAI, FDUSD, USDT, FRAX, TUSD, and USDC. The assessment primarily looked at the quality of the assets backing the stablecoins. Overall quality is measured by the custody risk, credit and market value.
Regulation, governance, supervision, liquidity, redeemability and technology are also measured, and contributed to those stablecoins with lower assessments, according to a press release from S&P.
In the assessment, USDC, USDP, and GUSD receive strong assessment, while USDT, DAI, and FDUSD are in the middle. FRAX and TUSD are considered weak. None of the stablecoins receive a "very strong" evaluation, which is the highest grade.
S&P emphasized that the evaluation is just assessment, not ratings of these stablecoins.
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