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S&P Global Ratings has assigned a credit rating of "B-" to Sky Protocol, marking the first time a major rating agency has rated a Decentralized Finance platform.
According to Techub News, reported by Cointelegraph, S&P Global Ratings has assigned Sky Protocol (formerly Maker) a "B-" issuer credit rating, marking the first time a major credit rating agency has rated a DeFi platform. This rating is part of S&P's ongoing assessment of stablecoin issuers that began in 2023, aimed at evaluating their ability to maintain the value of stablecoins relative to fiat. The assessment covers Sky's credit status, including USDS, DAI, as well as sUSDS and sDAI. Sky Protocol is being assessed for the first time, and its ability to maintain USDS pegged to the US dollar is rated "4", indicating a "limited" level.