S&P Global Assigns First-Ever Rating to DeFi Platform Sky Protocol
S&P Global Ratings has issued an issuer credit rating of ‘B-‘ to Sky Protocol (formerly Maker Protocol), marking the first time a major credit rating agency has formally rated a DeFi platform. The assessment evaluates Sky Protocol’s USDS and DAI stablecoins, focusing on their ability to maintain a stable value.
S&P rated USDS’s peg stability as "constrained" (4 out of 5). Concerns highlighted include high depositor concentration, centralized governance elements, regulatory uncertainty, and weak capitalization (0.4% risk-adjusted capital ratio). The rating indicates Sky Protocol can meet its obligations but is vulnerable to adverse conditions.
This development signifies a growing integration of DeFi with traditional finance and sets a precedent for future evaluations of crypto entities.