S&P Global Ratings assessed six of 11 stablecoins in its stability framework as adequate or above for maintaining their pegs, crediting stronger asset quality and improved risk management among issuers. USDC, EURC, USDP and USDG all received strong ratings on the agency's five-point scale.
Of the 11 stablecoins S&P reviewed, half now meet or exceed its adequacy threshold, a measure of whether an issuer holds sufficient collateral and operational controls to keep the coin trading near one dollar. This is the first time a majority of tracked stablecoins have achieved this rating tier.
S&P Global's announcement identified USDT, TUSD and Ethena's USDe as the three coins scoring the weakest rating of 5 on the scale. Tether's USDT, despite holding that lowest rating, remains the largest stablecoin by market capitalization at $184 billion, compared with USDC's $73.4 billion and all other tracked coins combined.
USDT has faced persistent scrutiny over its reserve composition and opacity around backing assets. Tether has rejected criticism of its collateral mix, saying it holds sufficient assets to cover all tokens in circulation. The company publishes monthly attestations but does not undergo full audits of its reserves.
USDC, issued by Circle, and USDP, backed by Paxos, operate under banking supervision and publish regular reserve reports. EURC, the euro-denominated stablecoin from Circle, and USDG, a short-duration Treasury-backed coin from Goldfinch Capital, rounded out S&P's highest-rated group.
Ethena's USDe uses a delta-neutral strategy combining crypto collateral with derivatives hedges rather than holding dollar reserves. S&P's lowest rating for USDe reflected concerns about the structure's stability during market stress. S&P's framework assigns ratings based on collateral quality, operational resilience, governance and market conditions. The concentration of value in USDT, which carries S&P's worst rating, means most stablecoin volume still sits outside the better-rated tier. If S&P adds coins to its tracked list or downgrades any of the six, the proportion of adequate or better-rated stablecoins would shift materially.
