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Bluechip's Stablecoin Ratings Raise Concerns Over Legitimacy

The legitimacy of Bluechip's stablecoin rankings has been called into question, particularly as BUSD, a stablecoin recently halted by the New York State Department of Financial Services, received the top ranking while USDT, the largest stablecoin by market cap, received the lowest. Bluechip's ratings are based on six qualities called SMIDGE: Stability, management, implementation decentralization, governance, and externals, and do not take regulatory crackdowns into account. Bluechip recommends that Tether disclose the names of its custodians, provide transparent redemption timelines, and lower the redemption ceiling to improve its ranking. Decentralized stablecoins like Liquity's LUSD and MakerDAO's DAI received high rankings due to their overcollateralization, which makes them mega-safe. Bluechip plans to add more tokens to its list in August.

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