Crypto needs a stablecoin rating system.
Both new and experienced users would benefit from being able to compare and contrast key criteria that make stablecoins more or less trustworthy.
I’ve been interested in seeing a rating system for a couple years now. So far there’s nothing out there. Go deep into a Google search and you won’t find much.
This Bitcoin Journal piece assessing USDC, USDT, DAI, and BUSD
And there’s a lot of buzz that Moody’s, a major credit rating agency, will build some kind of rating system. However, I’m suspicious about how well their criteria and analysis would align with the core ethos of crypto. Would they be inclined to favor centralized stables over decentralized? It’s possible.
Of course, in almost any kind of rating system you can rig up - Silk will shine. If you are reading this, you likely have a strong understanding about how Silk is different and why the world’s first private, basket (and non-USD)-pegged stablecoin deserves some attention.
I wonder if a legit rating system could help showcase those distinctions and educate users about how stables stack up relative to each other.
Sadly, whatever rating system Moody cooks up will almost certainly not have Silk on it. But when you google “stablecoin rating system”… there’s not a lot going on.
Imagine if a tool like this topped those search results and helped the crypto world assess stablecoin options…
So here are the main questions I’m interested to dialogue around (but feel free to add others)
Would a rating system like this benefit users - helping them DYOR? Would you, personally, appreciate a tool like this if it existed?
What would the key criteria for rating and evaluation be? (I asked this to AI and will share that response in the replies)
How difficult would it be to build and ship this? Could it be a static web page that gets updated annually with the new scores, new stables added, etc? Or, perhaps, if your mind doesn’t generate an answer there – as a user, what would you want a UI/UX for a tool like this to be like?
Finally, if you are personally interested in a project like this, please reply below and/or DM me with how you might be willing to help (TG = @sean_pop). I’m not “doing” or leading this in any way. Just trying to get a pulse on if people even see value in the concept. But, theoretically, if we had enough talent and individual strengths brought to the table… would be amazing to see something like this in the world.