I recently spent an hour with S&P Global's chief DeFi officer. what he told me changed how I think about stablecoin risk. spoiler: no stablecoin scores a perfect risk rating. not even close… here's what @chuck_mounts from @SPGlobal shared:

@chuck_mounts @SPGlobal 1/ most people think S&P just rates bonds. but they've been quietly building the world's first stablecoin risk assessment framework for 3 years. covering 95%+ of the global stablecoin market.

@chuck_mounts @SPGlobal 2/ the framework isn't measuring default risk. it's measuring depeg risk. completely different animal. you can have a stablecoin that depegs but stays viable. or one that stays pegged but becomes worthless. both scenarios need different analysis.

@chuck_mounts @SPGlobal 3/ no stablecoin scores a perfect "1" yet. even the biggest names are sitting at "2" or lower. shows how early we still are in polishing the infra.

@chuck_mounts @SPGlobal 4/ Chuck was a complete crypto skeptic. worked on wall street for years. thought bitcoin was a scam. then he read the bitcoin whitepaper. 10 minutes in: "oh my god, this is going to change how markets work".

@chuck_mounts @SPGlobal 5/ the regulatory shift is happening faster than anyone expected. GENIUS Act already passed last month. Chuck's been in DC for years. says the change in tone has been "profound" - even among skeptics.

@chuck_mounts @SPGlobal 6/ traditional firms are moving from skeptics to believers. and it's not because of hype. but because use cases are getting real, and users are following fast. when institutions see other institutions moving, the dominoes will fall fast.