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www.spglobal.com/ratings" target="_blank" rel="nofollow">www.spglobal.com/ratings" target="_blank" rel="nofollow">S&P Global Ratings, the world's leading provider of independent credit ratings, today announced that six of the 11 stablecoins covered by its Stablecoin Stability Assessments (SSAs) have an adequate or above ability to maintain their peg to the fiat currency. Over the past three quarters, www.spglobal.com/ratings" target="_blank" rel="nofollow">www.spglobal.com/ratings" target="_blank" rel="nofollow">S&P Global Ratings revised two of its 11 SSAs to a weaker level, while the other nine SSAs remained unchanged.
"SSAs reflect our view of a stablecoin's ability to maintain its peg to a fiat currency or a basket of currencies," said Mohamed Damak, Digital Assets Analyst, S&P Global Ratings. "Stablecoins can face risks that lead to de-pegging. 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. However, significant differences remain across stablecoins which can increase the risk of de-pegging."
Factors That Inform The 1-5 Assessment
S&P Global Ratings launched SSAs in December 2023 to help bring transparency to stablecoin risks by assessing peg stability, liquidity, and other key indicators.
The asset strength of the stablecoin reflects the underlying assets' exposure to credit, market, custody, and other risks. S&P Global Ratings also considers the degree of overcollateralization, the robustness of liquidation mechanisms where they exist, and the adequacy of reserve funds. These factors inform the asset assessment, which ranges from 1 (very strong) to 5 (weak).
SSAs build on these asset assessments. Additionally, they consider governance, the legal and regulatory framework, redeemability and liquidity, technology and third-party dependencies, and the issuer's track record. This may result in an adjustment and means the SSA can be in line with or lower than the asset assessment.
S&P Global Ratings' SSAs comprise five levels: 1 (very strong), 2 (strong), 3 (adequate), 4 (constrained), and 5 (weak). For more information on S&P Global Ratings' analytical approach, see: https://www.spglobal.com/ratings/en/regulatory/article/231128-framework-for-stablecoin-stability-assessments-s12897686
S&P Global Ratings' Current SSAs
- Euro Coin (EURC): 2 (strong) as of Dec.19, 2025 (previously: 2 on Jan. 17, 2025)
- USD Coin (USDC): 2 (strong) as of Dec. 18, 2025 (previously: 2 on Dec. 19, 2024)
- Global Dollar (USDG): 2 (strong) as of Feb. 12, 2026 (first assessment)
- Paxos USD (USDP): 2 (strong) as of Dec. 1, 2025 (previously: 2 on Nov. 26, 2024)
- Gemini USD (GUSD): 3 (adequate) as of Dec. 3, 2025 (previously: 2 on Dec. 4, 2024)
- EUR Convertible (EURCV): 3 (adequate) as of Dec. 5, 2025 (previously: 3 on Jan. 6, 2025)
- First Digital USD (FDUSD): 4 (constrained) as of Nov. 25, 2025 (previously: 4 on Dec. 3, 2024)
- Sky Dollar/Dai Stablecoin (USDS/DAI): 4 (constrained) as of Dec. 8, 2025 (previously: 4 on Dec. 17, 2024)
- Tether (USDT): 5 (weak) as of Nov. 26, 2025 (previously: 4 on Dec. 3, 2024)
- TrueUSD (TUSD): 5 (weak) as of Nov. 14, 2025 (previously: 5 on Nov. 22, 2024)
- Ethena USD (USDe): 5 (weak) as of Jan. 14, 2026 (previously: 5 on Jan. 16, 2025)
For further details, see https://www.spglobal.com/ratings/en/research-insights/sector-intelligence/interactives/stablecoin-stability-assessments.
Leading In Digital Assets
As digital assets move further into the financial mainstream, S&P Global Ratings provides independent opinions that help market participants assess risk, make informed decisions, and identify opportunities. The business combines decades of experience in traditional finance with an increasing track record in digital assets. Recent milestones include:
- June 2026: S&P Global Ratings assigned a rating to the Franklin OnChain U.S. Government Money Fund, expanding its coverage of tokenized treasury funds. Other rated tokenized funds include the Janus Henderson Anemoy Tokenized Treasury Fund, the Delta Wellington Ultra Short Treasury On-Chain Fund, and OpenEden Group Ltd.'s Tokenized TBILL Fund.
- June 2026: S&P Global Ratings was named Best Digital Asset Ratings & Analytics Provider at the BeInCrypto x Proof of Talk Institutional 100 Awards 2026.
- February 2026: S&P Global Ratings assigned its first rating on a structured finance transaction backed by bitcoin.
- October 2025: S&P Global Ratings partnered with Chainlink to bring its SSAs on-chain.
- August 2025: S&P Global Ratings was the first rating agency to assign a rating on a decentralized finance protocol (Sky Protocol, rated 'B-/Stable').
- S&P Global Ratings assigned ratings on several digital bonds issued across sovereigns, financial institutions, and corporates, including KfW's distributed ledger-based bond.
For more information on S&P Global Ratings' digital assets capabilities, visit: https://www.spglobal.com/ratings/en/products/solutions/digital-assets
Media Contact:
Russell Gerry
Communications Director
S&P Global
+44 20 7176 3569
russell.gerry@spglobal.com
About S&P Global Ratings
At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can unlock opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions. S&P Global Ratings is a division of S&P Global (NYSE: SPGI). Learn more at www.spglobal.com/ratings
About S&P Global
S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape.
From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today. Learn more at www.spglobal.com
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