Six of 11 Stablecoins Rated Adequate or Above S&P Global Ratings (@SPGlobalRatings) has released an update to its Stablecoin Stability Assessment (SSA) framework, finding that six of the 11 s
S&P Global Ratings (@SPGlobalRatings) has released an update to its Stablecoin Stability Assessment (SSA) framework, finding that six of the 11 stablecoins covered by its assessments now have an adequate or above ability to maintain their peg to fiat currency. The agency cited progress among issuers as a key factor, with stronger asset quality and good risk management practices driving the improvement.
S&P's SSAs use a five-level scale: 1 (very strong), 2 (strong), 3 (adequate), 4 (constrained), and 5 (weak).The assessments consider factors including asset quality, governance frameworks, regulatory compliance, redeemability, liquidity, and track record. Leading the pack, $EURC and $USDC both carry a score of 2 (strong), as does $USDG, which received its first assessment in February 2026, and $USDP, which was also rated 2 (strong).
The contrast at the bottom of the rankings is notable. S&P Global Ratings gave $USDT the weakest possible assessment: 5 (weak) on its 1 to 5 scale.$TUSD and Ethena's $USDe share that bottom tier. S&P noted that "significant differences remain across stablecoins which can increase the risk of de-pegging."
That low rating sits in sharp contrast to $USDT's dominance in the broader market. Tether's $USDT is the largest stablecoin at roughly $187 billion in circulating supply, accounting for about 59% of the total stablecoin market.Over the past three quarters, S&P revised two of its 11 SSAs to a weaker level, while the other nine remained unchanged.
The update underscores a growing divide in how institutional-grade analysis views stablecoin quality versus raw market adoption. While regulated, transparent issuers such as Circle and Paxos score well on S&P's framework, the market's most widely used token continues to attract the agency's lowest rating, a tension that regulators and institutional investors are likely to scrutinize more closely as the stablecoin sector matures.
Sources:S&P Global Ratings press release: More than half of Stablecoin Stability Assessments are adequate or above (PR Newswire, August 4, 2026)S&P Global Ratings: Stablecoin Stability Assessments overviewStablecoin market cap data, June 2026 (Transak)
