S&P Global Ratings has partnered with Chainlink to bring its stablecoin stability assessments directly onto blockchains, enabling real-time access for decentralized finance (DeFi) protocols, smart contracts, and financial platforms. The assessments score stablecoins on a scale of 1 to 5 based on their ability to maintain a stable value relative to fiat currencies, factoring in asset quality, liquidity, redemption mechanisms, regulatory status, and governance.
Currently, S&P evaluates 10 stablecoins, including USDT, USDC, and Sky Protocol’s USDS/DAI. Unlike credit ratings, these focus on operational and structural stability. The integration uses Chainlink’s DataLink infrastructure, allowing traditional data providers to publish on blockchains without building new systems. Initially launching on Base, an Ethereum layer-2 network, expansions will follow based on demand.
The stablecoin market has grown significantly, with capitalization reaching $305 billion, up from $130 billion a year earlier. S&P has increased its crypto involvement since 2021, launching indices and risk assessments for tokenized funds and DeFi protocols, and issued its first DeFi protocol credit rating in August 2024.
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