The crypto industry was lacking something important. Regulators, tax authorities, intelligence agencies, and courts were already heavily involved in the cryptocurrency sphere, and banks were blocking payments. It would seem that crypto had everything.

However, there was a sudden lack of a rating agency similar to Fitch, Moody's or Standard & Poor's, but specializing in stable coins. This agency was called Bluechip, and became known on February 1, 2024. They assigned a grade of F to the Synthetix fiat tokens SUSD and SEUR, as well as the dollar-linked asset BEAN.

Bluechip announced that they have included these stablecoins on their Red Flag List, recommending that you avoid using these stablecoins. They cited a lack of collateralization with dollars and euros, expressing a lack of understanding of the functioning of liquidity pools.

The Bluechip rating agency, which emerged in the summer of 2023, claims to be "independent," though some question this. It criticizes DEXs and crosschains for being completely uncensorable.

Bluechip ranks stablecoins, giving the top spot to LUSD, while USDT, with a capitalization of $96 billion, received the 14th spot with a D grade.

Cain Warwick, founder of Synthetix, is also co-founder of Blueshyft, a major retail payments network in Australia. He urges those working with cryptocurrency to keep going, even if their project has not yet been accused of fraud.

To understand the reason for red-flagging SUSD and SEUR, it is worth considering Garrett Jones, the founder of Bluechip, who, in addition to his accomplishments, has expressed unconventional views, such as the definition of IQ and the role of democracy in countries.

Posted Using [InLeo Alpha](https://inleo.io/@serfis3/bluechip-and-cryptocurrency-ratings-red-flags-for-synthetix-and-founders-controversial-views)