The S&P Global Ratings unveiled its stablecoin stability assessment on Tuesday.

The launch looked at Dai (DAI), First Digital USD (FDUSD), Tether (USDT), Frax (FRAX), TrueUSD (TUSD) and USD Coin (USDC).

In order to assess the stablecoins, analysts primarily looked at the “quality of the assets backing the stablecoin.” Overall quality is measured by the custody risks, credit and market value. 

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Regulation, governance, supervision, liquidity, redeemability and technology are also measured, and “contributed to those stablecoins with lower assessments,” S&P said in a press release.

USDC, USDP and…

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