Moody's and Chainlink test sending credit ratings to several chains at once

Moody's Ratings and Chainlink said on Nov. 10 they completed a pilot that sent credit ratings from the ratings agency to several blockchains at the same time, using Chainlink's Cross-Chain Interoperability Protocol, known as CCIP. The test showed how Moody's Ratings Token Integration Engine, or TIE, could distribute ratings simultaneously across permissioned and permissionless networks, according to the joint release distributed through PR Newswire.

The run took place entirely on a testnet. No actual rating actions were published onchain, no live rating distribution was involved, and the pilot used representative test data to check technical interoperability in a controlled environment, the release said. A production workflow would keep Moody's established publication process, it added. Decrypt described the exercise as a proof of concept rather than a launched product, and noted that the pilot preserved Moody's existing publication and governance processes.

The pilot is the first time Moody's has pushed its ratings engine to several chains in one pass. The firm previously added networks one at a time, launching TIE on the permissioned Canton Network in March 2026 and then extending it to the Solana mainnet in June through Alphaledger, a platform for tokenized institutional fixed income, Unchained reported. Between January 2017 and October 2026, Moody's rated or assessed more than 70 digital issuances, including digital bonds and tokenized funds, the release said.

The pilot lands inside a wider push from Moody's, the 125-year-old firm that has been making its ratings machine-readable on public and permissioned networks, while CCIP has become a common piece of plumbing for institutions tokenizing bonds and funds.

"Credit ratings help institutions decide where to allocate capital and how they price risk. As more financial assets move onchain, credit intelligence has to move with them, across chains and through every rating change," said Johann Eid, chief business officer at Chainlink Labs. He called the pilot a foundation that institutional capital needs to adopt tokenization at scale.

Fabian Astic, Moody's Ratings' global head of digital economy, said in the release that "the future of tokenized finance is unlikely to reside on a single blockchain, platform, or market infrastructure." Astic said investors will increasingly expect ratings regardless of the technology under an asset, and that the pilot explored ways to make ratings available across networks while keeping the governance and publication processes that support confidence in Moody's analytical opinions.

The release leaves open when a production version might launch, which issuers or instruments the stand-in test data represented, and which networks received the ratings, the report noted. Chainlink Labs said later rating changes could travel the same route under appropriate governance and lifecycle controls.

Moody's built TIE to disseminate credit ratings and related data in connection with tokenized assets and in blockchain-based environments, and the pilot checked that one interoperable layer can carry those ratings to networks with different access rules, the release said. Unchained called the run a test of plumbing rather than a rollout: a single feed reaching several chains at once would let a tokenized bond carry the same Moody's rating wherever it trades, but until Moody's sends a live rating through CCIP, the exercise shows only that the connections work.

Decrypt placed the demand on the asset side. As bonds, funds and other products are issued as blockchain tokens, the investors trading them will expect the credit intelligence they rely on to be available wherever those assets live rather than stopping at any one network's edge, the report said.

Moody's has kept expanding its onchain work alongside the test. The firm assigned Ripple's RLUSD stablecoin an A2 deposit rating in October, and Chainlink released CCIP 2.0 in September, an upgrade that lets token issuers require their own sign-off on cross-chain transfers, according to Unchained. Decrypt reported that Chainlink has rolled out an upgraded version of CCIP and says tens of billions of dollars in cross-chain value is secured as banks and asset managers test moving assets between networks.