Moody’s: Large-market stablecoins will decouple more than 600 times in 2023


Moody’s analysts said that as of September 2023, a total of more than 1,910 decouplings have occurred in the stablecoin market.

As of mid-September 2023, large stablecoins backed by fiat currencies have been decoupled 609 times due to a variety of macro and currency-specific factors.

according to a recent reports Data from Moody’s shows that the stablecoin space has achieved 1,914 decoups to date, a 32.7% decrease from 2022, when the market totaled 2,847 decoups.

Large-cap stablecoin decoupling exceeds 600 times in 2023: Moody’s - 1
Stablecoin Market Cap | Source: Defilama

The international credit agency said the much-anticipated decoupling in 2022 was mainly triggered by “increased interest rates”. This trend reappeared in March 2023, when crypto-friendly banks in the United States collapsed.

To compile the data, Moody’s obtained data on 25 fiat-backed stablecoins, including Tether (USDT), USD Coin (USDC) and PayPal (PYUSD), a selection that accounts for more than 92% of the total stablecoin market capitalization, the company said. .

Going forward, Moody’s plans to begin providing insights into market sentiment for fiat-backed stablecoins, tokenized treasury bills, and overcollateralized stablecoins. Moody’s stablecoin scoring system is independent of its ratings business and is another incentive for companies issuing stablecoins to maintain transparency and compliance. Both factors have become increasingly important to cryptocurrency investors in the wake of the FTX crash that rocked the entire industry.

Meanwhile, the U.S. Securities and Exchange Commission (SEC) is focusing on legacy companies seeking to issue stablecoins amid the U.S.’s opaque regulatory environment

In early November 2023, PayPal revealed in its Q10 report that it had received an investigative subpoena from regulators regarding its U.S. dollar-pegged stablecoin. While the details behind the move are unclear, the company said the subpoena “requires the production of documents.”

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