Global credit ratings agency Moody's (Moody's) is preparing to rate stablecoins, according to a report.

A recent Nikkei Asia report said Fabian Astic (파비안 애스틱), Moody's global head of digital economy, said stablecoin credit ratings reflect the approach of wider adoption of digital finance technology.

He said there has been a gap between supply and demand in recent years. He explained that stablecoin issuers were ready to launch, but investors have remained cautious due to confusion over cryptocurrency risks.

The stablecoin market's capitalisation reached about $300 billion in 2025, double from a year earlier.

Moody's earlier disclosed its stablecoin credit-rating methodology in March. It assesses the quality of reserve assets backing a token, exposure to market volatility and performance in stress scenarios. It also evaluates liquidity mismatches, operational and counterparty risks, the enforceability of legal claims, and blockchain-based technology and cybersecurity risks.

Astic also warned that the term stablecoin could be misleading. Unlike central bank money, stablecoins carry credit risk and their value depends on whether an issuer can fulfil its redemption promise, he said. "Even if it is the same bond, if it is settled with different stablecoins, investors need to know which is more vulnerable from a credit perspective," he said.

In Asian markets, he pointed to the potential use of stablecoins in countries with a high reliance on overseas remittances, such as the Philippines.

Regulatory uncertainty and a lack of interoperability between systems remain challenges to overcome. "For stablecoins to spread on a large scale, trust is needed, and credit ratings play that role," he said.