The system, which is in early stages of development, apparently intends to evaluate and rate the stablecoins reserves via third-party attestations.
The system, which appears to be in the early stages of development, will evaluate and rate the quality of the attestations of stablecoin reserves, although it will not be considered an official credit rating. Generally speaking, third parties attest that a company’s claims are accurate and validate that stablecoins are backed 1:1 by their reserves.
A stablecoin is a type of cryptocurrency whose value is pegged to a fiat currency, such as the United States dollar, or another financial instrument. The concept was developed to offer an alternative to the volatility of other cryptocurrencies by tying the stablecoin’s value to another asset. This does not imply, however, that stablecoins are risk-free.
For instance, Tether, the largest stablecoin issuer, settled with the New York Attorney General’s office in 2021 after allegedly misrepresenting the amount of fiat collateral backing its USDT (
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