1 week ago
S&P Global Ratings is bringing its stablecoin stableness assessments straight to blockchains done a concern with decentralized oracle web Chainlink.
The integration allows decentralized concern protocols, astute contracts and fiscal platforms to entree S&P’s hazard evaluations of stablecoins successful existent time., according to a property merchandise shared with CoinDesk.
The assessments people stablecoins from 1 to 5 based connected their quality to support a unchangeable worth comparative to fiat currencies.
They origin successful plus quality, liquidity, redemption mechanisms, regulatory presumption and governance. S&P presently evaluates 10 stablecoins, including USDT, USDC and Sky Protocol’s USDS/DAI.
Unlike recognition ratings, the assessments are designed to measurement operational and structural stability. By placing them onchain, DeFi platforms tin notation S&P’s hazard assessments automatically, without offchain information feeds oregon manual updates.
The work uses Chainlink’s DataLink infrastructure, which allows accepted information providers to people to blockchains without gathering caller systems. The information volition initially motorboat connected Base, an Ethereum furniture 2 network, with further expansions based connected demand.
The determination comes arsenic the stablecoin marketplace deed $305 cardinal successful capitalization, up from $130 cardinal a twelvemonth earlier, according to information from DeFiLlama.
S&P Global has accrued its enactment successful the crypto abstraction since 2021, launching crypto indices and issuing hazard assessments for tokenized funds and DeFi protocols. Its first-ever recognition standing to a DeFi protocol was assigned backmost successful August.
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