S&P Global Ratings Assigns B- Rating to Sky Protocol
S&P Global Ratings has assigned a B- (stable outlook) issuer credit rating to Sky Protocol, the decentralized lending platform formerly known as Maker Protocol. This rating is a first for the decentralized finance (DeFi) industry.
Sky Protocol, which operates on the Ethereum blockchain, issues the USDS stablecoin, created when borrowers post approved collateral. With a market cap of $7.1 billion, USDS is the third-largest stablecoin, following USDT and USDC. Sky Protocol also features savings vaults, enabling holders to earn yields via savings USDS (sUSDS).
Jonathan Manley, S&P’s global head of market outreach, labeled the rating as a “significant milestone” that will enhance transparency in the DeFi space.
This development comes as S&P broadens its focus on blockchain finance, having recently rated tokenized treasury funds and blockchain mortgage securitizations. Notably, Sky Protocol is an investor in Janus Henderson’s tokenized treasury products.
S&P’s Stablecoin Stability Assessment rates USDS’s peg-maintenance ability at 4 (constrained) on a five-point scale. This rating highlights the increasing convergence between traditional credit analysis and the emerging DeFi market.
Comments (2)
Efedua Mathias
07:42 - 12/08/2025
Nice
Efedua Mathias
07:42 - 12/08/2025
Nice