S&P Assigns First-Ever Credit Rating to a DeFi Protocol, Rates Sky at B-
Main Idea
S&P Global Ratings assigned a B- credit rating with a stable outlook to Sky Protocol, marking the first time a major credit ratings company has graded a DeFi protocol.
Key Points
1. Sky Protocol, a decentralized lending platform, received a B- rating with a stable outlook from S&P Global Ratings.
2. Sky Protocol issues the USDS stablecoin, which has a $7.1 billion market cap, ranking third behind USDT and USDC.
3. S&P's rating is seen as a significant milestone for the DeFi industry, aiming to bring greater transparency.
4. S&P's Stablecoin Stability Assessment rated USDS's peg-maintenance ability at 4 (constrained) on a five-point scale.
5. The move reflects S&P's growing activity in tokenized funds and blockchain-based finance.
Description
S&P Global Ratings assigned a B- (stable outlook) issuer credit rating to Sky Protocol, the decentralized lending platform formerly known as Maker Protocol , in a first for the decentralized finance (DeFi) industry. The Ethereum-based protocol issues the USDS stablecoin , created when borrowers post approved collateral. With a $7.1 billion market cap, USDS trails only USDT and USDC in size. Sky also offers savings vaults, enabling holders to earn yield via savings USDS (sUSDS). Jonathan Manley, ...
Latest News
- BONK Retreats 8% After Climbing to August High2025-08-11 18:06:19
- Paxos Applies for National Bank Trust Charter, Joining Stablecoin Issuers Circle, Ripple2025-08-11 17:50:13
- ATOM Rebounds After Sharp 6% Swing in Volatile Trading Session2025-08-11 17:26:28
- ICP Retreats From $5.75 High Amid Heavy Distribution2025-08-11 17:22:43
- S&P Assigns First-Ever Credit Rating to a DeFi Protocol, Rates Sky at B-2025-08-11 16:14:01