Credit Currents - Moody's Ratings

Instant, low-cost cross-border payments are moving closer to reality as blockchain, stablecoins and tokenization reshape financial infrastructure. This episode explores how distributed ledger technology can enable faster, more transparent transactions while improving liquidity management through automation and smart contracts.

 

Adoption remains gradual, with regulatory uncertainty, interoperability challenges and the need for market confidence continuing to shape progress. The discussion also examines Moody’s stablecoin methodology, the role of AI in fraud detection and liquidity forecasting, and key risks across technology, cybersecurity and regulation.

 

Featuring insights from Moody’s analysts Greg Sobel and Lucas Viegas.

 

Host: Greg Sobel, Vice President, Moody’s Ratings

 

Guest: Lucas Viegas, Vice President, Moody’s Ratings

 

Related Research: 

https://www.moodys.com/research/Digital-Transformation-Europe-A-significant-step-for-the-retail-digital-Sector-Comment--PBC_1486057

https://www.moodys.com/web/en/us/insights/credit-risk/digital-economy/tokenization-will-change-us-transaction-flows.html

https://www.moodys.com/research/Financial-Institutions-Latin-America-Regions-adoption-of-digital-assets-expands-Sector-In-Depth--PBC_1454933

https://www.moodys.com/research/Digital-Economy-Cross-Region-AI-agents-with-digital-cash-would-Sector-In-Depth--PBC_1414649


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Is the US economy increasingly dependent on high-income consumers?

In this episode of “Credit Currents,” Mark Zandi, Chief Economist at Moody’s Analytics, and Atsi Sheth, Chief Credit Officer at Moody’s Ratings, examine the reality of the K-shaped economy.

They explore how the top 20% of earners now drive roughly 60% of spending, while lower-income households face mounting pressure from rising costs of essentials like food, fuel and housing.

From premium airline demand to tightening credit conditions and weakening real income growth, this episode highlights why economic growth may appear stable, but is becoming increasingly fragile and concentrated.

 

Host:

Patrick Ronk, Vice President, Moody’s Ratings

Guests:

Mark Zandi, Chief Economist, Moody’s Analytics

Atsi Sheth, Chief Credit Officer, Moody’s Ratings

 

Related Research: 

Global Macro Outlook (May 2026 Update) - Global energy market stress weighs on growth prospects

The State of the Consumer (March 2026) – US - Higher energy prices and a narrowing consumption base pose risks to spending

The State of the Consumer (May 2026) – Europe - Middle East conflict will weaken consumer confidence and nascent economic recovery

Geopolitical Risk – Global - Prolonged Strait of Hormuz disruption through autumn broadens credit stress


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Private credit has hit a speed bump in the US, where the market is rapidly pivoting from growth to stricter risk discipline.

 

At our flagship “Credit Frontiers” event, we sat down with Moody’s leaders to discuss what’s behind these “bad vibes” about private credit and what they’re hearing from market participants about the trajectory of the asset class.

 

Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody’s Ratings

 

Guests: 

Marc Pinto, Managing Director, Global Head of Private Credit, Moody’s Ratings

David Hamilton, Managing Director, Head of Asset Management Research, Moody’s Analytics

 

Related Research: 

Private Credit – Global – Volatility will intensify focus on liquidity, transparency 22 April 2026

Private Credit – Global – Seven key ways private credit is changing 14 May 2026

Private Credit – US – Asset quality indicators point to emerging risk in private credit direct lending 28 April 2026

Moody’s Private Credit Insights


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What comes next for sustainable finance debt markets?

 

The energy transition’s momentum has shifted towards more pragmatic rationales, including energy security, sovereignty and critical supply chain resilience.

 

In this episode, we discuss why, despite headwinds arising from global trade tensions, Asia remains a contributing force for the “pragmatic transition”, the favorable conditions supporting renewable investment, as well as the opportunities for both the public and private sectors.

 

Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody’s Ratings

 

Guest: Rahul Ghosh, Managing Director, Head of Global Sustainable Finance & Emerging Markets, Moody’s Ratings

 

Related Research: 

Sustainable bond issuance on track to be flat versus 2025 levels after mixed quarter (Data Story) 12 May 2026

Carbon Transition – Asia-Pacific – Transition finance to expand as credible pathways emerge 19 March 2026

APAC Sustainable Finance Summit 2026 (Replay) 24 March 2026

In Person Event: Unlocking Capital for Climate Resilience: From Data to Decisions - London Climate Action Week 24 June 2026


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Asset tokenization and digital money, including stablecoins, are moving from the margins of finance toward the core of market infrastructure, spurring banks and other market participants to adapt their approach to blockchain technology.

 

In this episode of Credit Currents, we explore why trust and regulation are central to  adoption of tokenized assets, and how a gradual move in this direction could reshape payments, settlement and credit markets.

 

The conversation explores both the promise of faster, always‑on transactions and the practical challenges that will shape how quickly digital finance takes hold.

 

Host: Greg Sobel, Vice President, Senior Credit Officer, Moody’s Ratings

Guest: Donald Robertson, Managing Director, Financial Institutions, Moody’s Ratings

 

Related Research: 

Financial Institutions – US: Tokenization will change US transaction flows; less likely to remove intermediaries,11 May 2026

Financial Institutions – US: US financial markets envision an inevitable shift to tokenized assets and digital money,12 May 2026

Digital Economy – Global: Growing stablecoin use highlights policy, liquidity and price vulnerabilities,13 May 2026

 


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