Fitch Ratings, a credit rating agency and one of the “Big Three” credit rating agencies—flanked by Moody’s and Standard and Poor’s S&P—has warned that stablecoins may affect the securities markets.
“Fitch Ratings believes stablecoins that approach a systemically important scale could come to play an important role in short-term securities markets, such as commercial paper, while bringing new risks to these markets,” Fitch Ratings said today.
Fitch Ratings added that the extent to which stablecoins impact securities will depend on the “evolution of regulations affecting the asset class.”
Stablecoins and commercial paper
Fitch Ratings went on to add that “stablecoin-related turbulence” could disrupt the commercial paper market, as well as “transmit shocks to other market participants.”
Tether—the world’s largest and most well-known stablecoin—is, for example, almost 50% backed by commercial paper.
The stablecoin provider released an assura
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