Request for Comment: Proposed Stablecoin Methodology
Join us for a webinar where Moody's analysts will discuss the Request for Comment of the newly proposed Stablecoin rating methodology, published on 12 December 2025.
Discussion topics:
- An overview of our proposed approach for rating Stablecoins
- How do the individual components of the proposed rating approach combine to derive a credit rating?
- What are the key risks and how do we propose to measure credit risk and market risk of the underlying collateral?
- How can technology, operational and other risks influence the analytical outcome of the methodology?
- What are the structural features that can impact the application of the proposed methodology?
- How can market participants contribute their insights and feedback on our proposed rating approach?
Speakers
George Zittis
Vice President-Senior Credit Officer, Credit Strategy & Standards
Moody's Ratings
Mehdi Ababou
Vice President – Senior Credit Officer, Structured Finance
Moody's Ratings
Stephen Tu
Vice President - Senior Credit Officer, Financial Institutions
Moody's Ratings
Marat Faritov
Vice President - Senior Analyst, Digital Economy
Moody's Ratings
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George Zittis is a Vice President – Senior Credit Officer in the Credit Strategy and Standards Group at Moody’s Investors Service and he is based in London.
He joined Moody’s in 2005 and is currently involved in methodology development. Prior to his current role, he spent several years with the rating group responsible for structured finance ratings, with a focus on European CLOs.
George holds a Bachelor of Science in Actuarial Science from the London School of Economics and Political Science and a Master of Science in Financial Mathematics from the Business School of Warwick University.
Mehdi Ababou is a Vice President – Senior Credit Officer in the Structured Finance Group at Moody’s in Paris. Mehdi has extensive experience rating structured finance transactions across Europe and the Middle East, covering a wide range of asset classes from consumer ABS to future flow deals. He currently leads the analysis of corporate securitisation transactions and is also responsible for digital finance transactions, working closely with the DeFi team.
Before joining Moody’s, Mehdi worked in structured finance teams at banks in London and Paris.
Mehdi holds a degree in Economics and Business Administration from Paris I – Sorbonne University and a Banking and Finance degree from Paris V – Descartes University.
Stephen is a lead analyst responsible for a portfolio of US funds & asset management companies. He has also led research on thematic topics including Digital Transformation, ESG Investing, Active & Passive investing and liquidity risks. His research is frequently cited in the FT, Bloomberg, NY Times, WSJ, Barron’s and other financial media.
Prior to joining Moody’s in 2013, he was an Executive Director at China International Capital Corporation focused on asset management and cross-border capital products. He served as Director at Societe Generale Asset Management’s alternative investment group as global strategy head for relative value investments and Director at Banc of America Capital Management’s alternative investment group managing hedge fund investments. Stephen started his career as a debt derivatives trader at Citibank in New York and graduated from the University of Michigan with an Honors in Economics.
Marat is a Vice President - Senior Analyst in the DeFi and Digital Assets team (DFDA), where his primary responsibilities include blockchain analysis, digital asset risk assessment, and integration of blockchain infrastructure. Since joining Moody’s in 2014, Marat has worked in areas of data management and data analytics. In his previous role, he successfully led a team of financial data analysts covering Structured Finance. Concurrently, he has been involved in the blockchain space since 2016. Marat holds a degree in Applied Mathematics and Master's in Economics.