Moody's proposes 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 a stablecoin rating framework, emphasizing the credit quality, market value risk, and operational risk assessment of stablecoin reserve assets. This framework indicates that even for two stablecoins both pegged at '1:1 to the US dollar', their ratings may differ due to the different types of reserve assets backing them. Moody's stated that the rating process will be conducted in two steps: first, assessing the credit quality of various assets in the reserve pool and their related counterparties; second, estimating market value risk based on asset categories and maturities, and setting 'advance rates' for different assets. Additionally, factors such as the stablecoin's operation, liquidity, and technological risks will also be considered. The report points out that issuers must effectively isolate stablecoin reserve assets from other business operations to ensure that these assets are only used for stablecoin redemption in the event of the issuer's bankruptcy.