On December 12, 2023, S&P Global Ratings released a new stablecoin rating system.

S&P Global Ratings scores are created by carefully examining asset quality risks, such as credit risks, market value risks and custody risks, as well as assessing overcollateralization requirements and liquidation mechanisms. The main stablecoins were assessed according to S&P Global Ratings:

  1. DAI
  2. FDUSD (First Digital USD)
  3. FRAX
  4. GUSD (Gimini Dollar)
  5. USDP (Pax Dollar)