Moody's Ratings has deployed its credit ratings infrastructure on the Solana mainnet, marking the first time a major public, permissionless blockchain carries live Moody's ratings in machine-readable form. The rollout, which went live June 17, embeds ratings directly into the token metadata of tokenized bonds and other fixed-income securities. It's a big step for bringing traditional credit analysis into on-chain capital markets.
From devnet to production
The move follows a proof-of-concept validated in June 2025 on Solana's devnet. That test proved the tech; this week's mainnet launch scales it to real trading. Moody's earlier put ratings on the Canton Network, but Canton is permissioned. Solana is open to anyone. That difference matters for how widely the data can be used.
Moody's uses its Token Integration Engine, or TIE, to assign ratings off-chain and push them on-chain via AlphaLedger's API. When a rating changes, the update propagates automatically. No manual re-upload.
Why Solana?
Solana's institutional real-world asset pipeline has been filling up fast. Western Union launched a stablecoin on the network. There's a partnership with R3. Asset managers including BlackRock, Franklin Templeton and Apollo are already active. The network has the throughput for tokenized bonds at scale, and Boston Consulting Group and Ripple peg the potential tokenized asset market at $18.9 trillion by 2033.
“Tokenized markets need the same credit information that traditional fixed-income markets rely on,” said Manish Dutta, CEO of AlphaLedger, in a statement. Rajeev Bamra, Head of Digital Economy Strategy at Moody's, added that investors require independent credit analysis in on-chain environments.
What's being rated first
Early focus is on U.S. municipal bonds and other fixed-income instruments. That's a sector where ratings are critical for pricing and liquidity. Embedding the data on-chain means any DeFi protocol, broker, or exchange that touches those tokens can pull the latest rating without leaving the blockchain.
Nick Ducoff, Head of Institutional Growth at Solana Foundation, said the integration improves transparency and accessibility for tokenized assets.
The question now is how quickly issuers and traders start relying on these live on-chain ratings. Moody's TIE is network-agnostic, so Solana is just the first permissionless chain. Others could follow.
