Update
Moody's Assigns First BTC-Collateralized Municipal Bond Rating
Moody's Corporation assigned a provisional Ba2 rating to a proposed $100 million BTC-collateralized municipal bond in New Hampshire in March. The Executive Council rejected it 3-2 in July, with a single vote short. Co-founder of Wave Digital Assets, Laszlo Borsai, designed the deal, which capped loans at a 72.06% advance rate and held collateral by BitGo Trust Company and Rosemawr Management. Borsai advised Ripple and invested early in Ethereum and XRP. The project shows where crypto meets agency standards and highlights political and reputational risk limits.