S&P Assigns B- Credit Rating to Sky Protocol in DeFi First
S&P Global Ratings assigned a B- (stable outlook) issuer credit rating to Sky Protocol, the decentralized lending platform formerly known as Maker Protocol. This marks a first in the decentralized finance (DeFi) industry.
Key details include:
- Sky Protocol issues the USDS stablecoin, created with approved collateral.
- USDS has a market cap of $7.1 billion, ranking behind USDT and USDC.
- The platform offers savings vaults for earning yield via savings USDS (sUSDS).
- S&P expands into blockchain-based finance, recently rating tokenized treasury funds and mortgage securitizations.
- Sky invests in Janus Henderson’s tokenized treasury products.
- S&P rated USDS's peg-maintenance ability at 4 (constrained) on a five-point scale.
This rating highlights the increasing integration of traditional credit analysis within the DeFi market.