S&P Global Ratings: More than half of Stablecoin Stability Assessments are adequate or above

Rhea-AI Summary

S&P Global Ratings (NYSE: SPGI) reports that six of the 11 stablecoins covered by its Stablecoin Stability Assessments (SSAs) currently show an adequate or stronger ability to maintain their fiat pegs. The 1–5 SSA scale incorporates asset quality, governance, regulation, liquidity, technology, and issuer track record, with recent actions including two downgrades and nine unchanged assessments across major USD- and EUR-linked stablecoins.

Market Context

SPGI's short positioning was categorized as low, adding little evidence of crowded bearish positioni...

Analysis

SPGI's short positioning was categorized as low, adding little evidence of crowded bearish positioning. The assessment update focuses attention on future score revisions and the reserve, liquidity, governance, and technology risks affecting stablecoin stability.

Key Figures

Adequate-or-above assessments: 6 of 11 stablecoins Weaker revisions: 2 of 11 assessments Unchanged assessments: 9 of 11 assessments +5 more

8 metrics

Adequate-or-above assessments 6 of 11 stablecoins Current Stablecoin Stability Assessments

Weaker revisions 2 of 11 assessments Over the past three quarters

Unchanged assessments 9 of 11 assessments Over the past three quarters

Assessment scale 1-5 1 very strong to 5 weak

Assessment levels 5 levels Stablecoin Stability Assessments

USDC assessment 2 (strong) As of Dec. 18, 2025

Tether assessment 5 (weak) As of Nov. 26, 2025

SSA launch December 2023 S&P Global Ratings launched Stablecoin Stability Assessments

Previous Crypto Reports

2 past events · Latest: Oct 14 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Oct 14	Stablecoin assessment launch	Positive	+1.5%	Chainlink collaboration brought stablecoin assessments on-chain via Chainlink DataLink.
Oct 07	Crypto index launch	Positive	+0.6%	S&P Global announced a crypto ecosystem index combining digital assets and crypto-linked equities.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Both tag-matched crypto announcements were followed by positive 24-hour reactions of 1.53% and 0.6%.

Key Terms

de-pegging, overcollateralization, redeemability

3 terms

de-pegging financial

"Stablecoins can face risks that lead to de-pegging."

De-pegging is when an asset that was kept at a fixed value relative to another asset or currency (for example a currency peg or a stablecoin tied to a dollar) breaks free of that fixed rate and starts trading at a different market-driven price. It matters to investors because the move creates sudden price volatility, can change the expected value of cash holdings or liabilities, and may disrupt trading and liquidity much like a price tag on a product suddenly changing without warning.

overcollateralization financial

"S&P Global Ratings also considers the degree of overcollateralization"

Overcollateralization is the practice of pledging assets worth more than the amount of debt they secure, creating a built-in safety cushion for lenders or bond investors if the underlying assets lose value. Think of it like leaving a larger-than-required security deposit: it lowers the chance investors suffer losses, can improve credit ratings, and usually means lower yields or stricter terms for borrowers because the investment is safer.

redeemability financial

"they consider governance, the legal and regulatory framework, redeemability and liquidity"

Redeemability is the feature of a financial instrument that allows it to be exchanged or cashed in for money, other securities, or specific goods at a set time or under certain conditions. It tells whether and how an issuer or holder can force or request that the security be paid off, like a coupon you can turn in. Investors care because redeemability affects when they get cash back, perceived safety, and the security’s market value and liquidity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LONDON, Aug. 4, 2026 /PRNewswire/ -- 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, 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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SOURCE S&P Global Ratings

FAQ

How many stablecoins have adequate or stronger S&P Global SSAs as of August 2026 for SPGI?

According to S&P Global Ratings, six of the 11 stablecoins it currently assesses have an adequate or above ability to maintain their fiat peg. The Stablecoin Stability Assessments combine asset strength, governance, legal framework, liquidity, technology, and issuer track record to reach each 1–5 score.

What is the S&P Global Stablecoin Stability Assessment (SSA) rating scale used by SPGI?

According to S&P Global Ratings, Stablecoin Stability Assessments use a five-point scale from 1 (very strong) to 5 (weak). SSAs start from an asset assessment and then factor in governance, regulation, redeemability, liquidity, technology, and issuer track record, resulting in a final 1–5 stability opinion.

Which stablecoins are rated strong or adequate by S&P Global Ratings in its SSA list?

According to S&P Global Ratings, Euro Coin (EURC), USD Coin (USDC), Global Dollar (USDG), and Paxos USD (USDP) are rated 2 (strong), while Gemini USD (GUSD) and EUR Convertible (EURCV) are rated 3 (adequate). These scores reflect their assessed ability to maintain their fiat pegs.

Which stablecoins have weak S&P Global SSAs in the latest SPGI update?

According to S&P Global Ratings, Tether (USDT), TrueUSD (TUSD), and Ethena USD (USDe) currently hold 5 (weak) Stablecoin Stability Assessments. These SSAs indicate a weaker assessed ability to maintain their pegs, based on factors such as asset risks, governance, liquidity, and legal-regulatory frameworks.

When did S&P Global Ratings launch its Stablecoin Stability Assessments and why?

According to S&P Global Ratings, Stablecoin Stability Assessments were launched in December 2023 to increase transparency around stablecoin risks. The framework evaluates peg stability, asset strength, liquidity, governance, regulation, and technology to help market participants better understand de-pegging risks in the growing digital asset market.

How has S&P Global Ratings expanded its digital asset coverage beyond stablecoins for SPGI investors?

According to S&P Global Ratings, recent steps include rating several tokenized treasury funds, assigning its first rating to a bitcoin-backed structured finance transaction, and rating a decentralized finance protocol. The firm also partnered with Chainlink to bring SSAs on-chain and rates multiple digital bond issuances.

Have any S&P Global Stablecoin Stability Assessments been weakened recently in the SPGI framework?

According to S&P Global Ratings, two of the 11 Stablecoin Stability Assessments were revised to a weaker level over the past three quarters, while nine remained unchanged. The agency notes continuing differences among stablecoins that can increase de-pegging risk despite improvements in asset quality and risk management for some issuers.