Moody’s has proposed a new framework for stablecoin ratings, focusing on the quality of reserve assets. According to a report by Jinse Finance, Moody’s has released a new proposal for stablecoin ratings that emphasizes the credit quality of reserve assets, market value risk, and operational risk assessment. This framework implies that even two stablecoins that are both pegged to the dollar at a 1:1 ratio may have different ratings due to the differing types of underlying reserve assets. Moody’s stated that the rating process will be divided into two steps: first, assessing the credit quality of various assets in the reserve pool and the related counterparties; second, estimating market value risk based on asset types and maturities, and setting 'advance rates' for different assets. Additionally, it will incorporate factors such as the operational, liquidity, and technological risks of the stablecoin. The report pointed out that issuers must effectively isolate stablecoin reserve assets from other business activities to ensure that these assets are only used for redeeming stablecoins in the event of the issuer's bankruptcy.