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One of three biggest credit rating agencies is reportedly working on a scoring system for cryptocurrencies pegged to other assets, such as the US dollar, gold or other digital assets.
According to a new report from Bloomberg, credit rating titan Moody’s is developing a system that can analyze up to 20 stablecoins based on the quality of the attestations on the reserves that they are backed with.

Stablecoin issuers periodically publish reserve attestation reports certified by third-party audit firms that conduct an independent review to ensure that each unit of stablecoin is sufficiently backed by collateral held in reserve.
Moody’s is developing the scoring system amid growing interest in stablecoins, spurring concerns from regulators and investors, according to the report.
In 2021, US authorities fined Tether, the issuer of the largest stablecoin by market cap, for lying about its reserves.
The crash of the Terra ecosystem in May 2022 was also linked to the collapse of its algorithmic stablecoin. The price of Terra (LUNA) plummeted after TerraUSD (UST) failed to maintain its peg to the US dollar.
A person with knowledge about Moody’s new stablecoin scoring system says the project is still in the early stages and will not represent an official credit rating.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post US Credit Ratings Giant Developing Stablecoin Scoring System: Report appeared first on The Daily Hodl.


One of three biggest credit rating agencies is reportedly working on a scoring system for cryptocurrencies pegged to other assets, such as the US dollar, gold or other digital assets. According to a new report from Bloomberg, credit rating titan Moody’s is developing a system that can analyze up ...

dailyhodl.com

US Credit Ratings Giant Developing Stablecoin Scoring System: Report

Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative.
Iran and Russia Talk Stablecoin Payments for Bilateral Trade Settlements
The Russian Federation is considering the creation of a stablecoin backed by gold that can be employed for cross-border settlements, including with Iran, the chairman of the Financial Market Committee at the lower house of Russian parliament, Anatoly Aksakov, told the Parlamentskaya Gazeta newspaper.
“We discussed the issuance of stablecoins, digital financial assets (DFAs) backed by certain valuables. For example, I spoke about gold, gold bars, refineries can provide them, or centers where gold is stored, and DFAs are issued against these reserves,” the lawmaker explained after a visit by a Russian delegation to the Islamic Republic.
Such a stablecoin can then be used as a means of payment, in mutual settlements between Russia and Iran for example, Aksakov elaborated, also quoted by the Interfax news agency. He added that the proposal has been received with interest from the Iranian side.

The high-ranking member of the State Duma further noted that Iran has a large debt for goods supplied by Russia. At the same time, the Iranian currency, the rial, fluctuates significantly and has two exchange rates to the U.S. dollar — the official, approved by the Central Bank of Iran, and the market rate — which is inconvenient in terms of calculations for Russian exports.
News that Tehran and Moscow are discussing the possible launch of a digital currency backed by gold came out earlier in January when the head of the Russian crypto industry association told the business daily Vedomosti that Iran’s central bank is mulling over developing one with Russian participation. The token would be used to facilitate trade in the Persian region, the executive revealed.
Gold-Backed Russian Digital Currency First Proposed in 2019
The idea to issue a Russian gold-backed stablecoin was initially circulated in May 2019, during a meeting at the State Duma joined by the governor of the Bank of Russia, Elvira Nabiullina. At the time, the member of the house Vladimir Gutenev suggested that the central bank should initiate talks on the matter with the other BRICS countries and insisted:
Gold is the least vulnerable asset. We could probably find understanding in China, India, and Brazil.
“But these are rather not cryptocurrencies, maybe so-called stablecoins,” remarked Anatoly Aksakov, while Nabiullina indicated that the monetary authority is open to a stablecoin backed by a real asset. A proposal for a ‘golden ruble’ stablecoin was also featured in a report by the VEB.RF Institute for Research and Expertise released in the summer of 2022.
Pressed by Western sanctions, Russia and Iran have been also exploring options to use decentralized cryptocurrencies to circumvent restrictions in foreign trade. In August, last year, Iran placed its first official import order using crypto while Russia is taking steps to legalize cross-border crypto payments. A digital ruble and a crypto rial that are not backed by gold are also under development.
Do you think Russia will issue a stablecoin backed by gold in the near future? Share your expectations in the comments section below. 


Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative. Iran and Russia Talk Stabl...

news.bitcoin.com

Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit

Gold has seen a significant increase in value in 2023, with spot prices rising from $1,823 per ounce to the current price of $1,937 per ounce. However, Harry Dent, founder of HS Dent Investment Management, believes that this trend may not continue in the near future. Dent predicts that gold may lose value to the range of $900 to $1,000 over the next 18 months.
HS Dent Founder’s ‘Everything Bubble’ Theory and Its Potential Impact on the Economy
On Tuesday, Harry Dent, founder of HS Dent and financial author, spoke with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. Dent expressed his belief that “the biggest crash in our lifetime” is approaching and that gold will be one of the year’s hardest-hit commodities. This perspective differs from that of many “gold bugs” who believe 2023 will be a positive year for the yellow metal.
This week, economist and gold advocate Peter Schiff stated that gold’s rise in value is due to its perception as “a hedge against inflation and a weaker dollar.” Historically, gold has been viewed as a reliable store of value and a hedge against inflation and economic uncertainty. Similarly, Jim Cramer, host of CNBC’s Mad Money program, emphasized that those who truly wish to protect against “inflation or economic chaos,” should “stick with gold.”

Dent strongly disagrees with these perspectives and predicts that gold will lose significant value over the next 18 months. “Gold is not a safe haven,” Dent stated during his interview with Makori. “I’m predicting that gold goes down to $900 to $1,000. That will be a lot less than other commodities … that is still a 40 to 45 percent fall from here,” he added. Dent has previously identified several manufactured financial bubbles over the years and referred to the current situation as the “everything bubble.”
While Dent believes 2023 may be challenging, he anticipates that mid-2024 will be even worse. “I feel like the ultimate low at this point for stocks is likely to be … July or so of 2024,” Dent said during the interview, noting that the tech-heavy Nasdaq index (IXIC) could reach 10,088 again. “So, we’re still in the early stages. To know that this crash is continuing and will go a lot deeper, we need to break the last low … which is 10,088.” The financial author added:
The boom from 2009 to late 2021 in stocks was 120 percent artificial. It was just [the U.S. central bank] stimulating more and more to keep the stock market going up … That is taking a toxic financial drug, which when it finally goes down and fails, you have a hangup.
Dent Predicts Bitcoin Will Be Hardest-Hit Asset in Upcoming Economic Crash, But Is Still Bullish Long-Term
Dent presumes that we are beginning the next wave of decline after a period of lateral movement. “This bubble has finally burst, it has started to burst,” Dent asserted to the Kitco anchor. “Now a bubble of this magnitude, like 1929 or 1972, which was not a bubble but it was a long-term [downturn]. It takes two-and-a-half to three years for a whole crash to happen. All we’ve seen so far, and we have seen it, is the first crash,” Dent added. In terms of bitcoin (BTC), Dent believes it will be the hardest hit among all assets and stocks.

The HS Dent executive expects bitcoin to crash to the $3,250 range, reaching the same low as it did during the Covid-19 crash in March 2020. “I think it goes down to $3,250, and then it starts a longer-term boom,” Dent opined. The investor views cryptocurrency as the next big thing and believes it has the potential to lead to the digitization of all aspects of finance and money. “There’s $600 trillion dollars” in financial assets, Dent detailed, and digitizing that and expanding trade to make it more efficient is a “huge thing.”
The true purpose of cryptocurrency, according to Dent, is to restructure the entire financial assets market, which is the largest financial number in the world. Global GDP is roughly $100 trillion Dent explained, while financial assets “is the largest multiplier,” around $600 trillion. “That’s why I’m bullish on bitcoin and crypto,” Dent said.
What do you think about Harry Dent’s predictions for the future of gold and bitcoin? Do you agree or disagree with his assessment and why? Share your thoughts in the comments below.



Gold has seen a significant increase in value in 2023, with spot prices rising from $1,823 per ounce to the current price of $1,937 per ounce. However, Harry Dent, founder of HS Dent Investment Management, believes that this trend may not continue in the near future. Dent predicts that gold may l...

Gold to Lose Its Shine as Harry Dent Predicts Massive Crash; Bitcoin to Follow Suit With Low of $3,250

CNBC host Jim Cramer is once again warning investors to stay away from crypto assets and Bitcoin (BTC), instead saying they should opt for gold.
In a new update, the host of Mad Money says that the top digital asset by market cap’s latest price bounce hasn’t convinced him of its legitimacy.

 “Now that Bitcoin has spent the last couple weeks bouncing off its lows, the whole crypto-industrial complex is back in full gear, trying to entice people back in. I think that would be a huge mistake for you.”
Cramer criticizes Bitcoin’s “legion of cheerleaders” for continuing to support the sector after FTX’s high-profile collapse and the resulting contagion that spread to other prominent crypto firms.
“For years these people told us that Bitcoin was the perfect replacement for gold as an alternative asset. They said it was a great hedge against inflation… while central banks were printing money like crazy, but in reality, it wasn’t a hedge against anything.” 
Cramer points to Bitcoin’s high correlation with the Nasdaq 100 Futures chart and argues that BTC is a risk asset, not a type of currency or a stable store of value. He encourages traders who want a hedge against inflation to ignore the Bitcoin maximalists and continue purchasing gold.
BTC is changing hands for $22,678 at time of writing, down 1.16% during the last 24 hours but up 38% from its 30-day low of $16,464.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post CNBC’s Jim Cramer Warns Investors To Stay Away From Crypto, Says Bitcoin Not a Hedge ‘Against Anything’ appeared first on The Daily Hodl.


CNBC host Jim Cramer is once again warning investors to stay away from crypto assets and Bitcoin (BTC), instead saying they should opt for gold. In a new update, the host of Mad Money says that the top digital asset by market cap’s latest price bounce hasn&#8217;t convinced him of its legitimacy....

CNBC’s Jim Cramer Warns Investors To Stay Away From Crypto, Says Bitcoin Not a Hedge ‘Against Anything’

Ahead of Gold, US Treasury, the S&P 500, and others, banking giant Goldman Sachs ranks Bitcoin (BTC) in the top 1 best-performing asset year-to-date, per a Twitter user.

According to Goldman Sachs, Bitcoin has outperformed its cryptocurrency pairs and those major financial institutions of the traditional market with a risk-adjusted return (Sharpe ratio) of 3.1. The Sharpe Ratio is used to measure market volatility-adjusted performance; the higher the ratio, the better the investment, currency, or stock in terms of risk-adjusted returns.

Bitcoin Takes The Lead In Broad Market Recovery
On smaller timeframes, Bitcoin continues its quest to regain lost territory. Slowly but steadily, Bitcoin is attempting to break above the resistance level of $23,800. Bitcoin appears to have a healthy pullback below the resistance line in search of bullish momentum.
Despite the recent crisis of not only the cryptocurrency market with the collapse of FTX and the world economy in free fall, bringing consequences for investors and institutions, the market has also noted the comeback of market makers on cryptocurrency exchanges. 
In contrast with Goldman Sachs’ report, according to an annual report by CoinGecko, Bitcoin is the worst-performing asset among the major currencies, with a significant decline of 64%. CoinGecko also noted that since January 2022, the trading volume in the spot market has decreased by 67%. 
The new year for Bitcoin and the market started positively, with $200 billion bulking the volume and volatility sheets, according to CoinMarketCap data.
Bitcoin’s year-to-date solid rally has shifted market sentiment. Analysts seem bullish in the short term, expecting the cryptocurrency to increase to as much as $30,000. However, in the long term, economist Lyn Alden said that Bitcoin could be in “considerable danger” in the second quarter of 2023 as liquidity risks increase. 
As the price of Bitcoin consolidates below the resistance zone, the cryptocurrency is looking for a trendline break to position itself above the $24,500 level, representing its next obstacle. 
The rising 20-day moving average at $20,700 and the Relative Strength Index (RSI) in the overbought zone near 80 suggest that BTC’s bullish trend line can continue and conquer new regions.

Conversely, bears are ready to stall the Bitcoin price action to the upside and turn the momentum and direction of the market, but bulls seem unwilling to surrender. Speculation is on the rise with no certainties in the market and the upcoming Federal Open Market Committee (FOMC) meetings. 

As of this writing, Bitcoin has gained nearly 8% in the last seven days. It has traded at $22,889 with sideways movement in the last 24 hours. The currency’s current capitalization stands at $440 billion, outperforming all its market pairs.


Ahead of Gold, US Treasury, the S&#38;P 500, and others, banking giant Goldman Sachs ranks Bitcoin (BTC) in the top 1 best-performing asset year-to-date, per a Twitter user. Related Reading: MakerDAO Passes Proposal To Deploy $100 Million USDC In Yearn Finance Vault According to Goldman Sachs, Bi...

PAX Gold price	$1,912.51
Low - High 24H	$1,912.06 - $1,928.53
Market cap	$514.03M
Volume 24H	$9.98M
All time high	$2,241.37 -14.68% May 17th 2021
All time low	$1,399.64 36.63% November 18th 2019
Genesis date	N/A

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