S&P Global assigns ‘B-’ credit rating to Sky Protocol, first for DeFi protocol

S&P Global Ratings assigns a B- rating to Sky Protocol: This marks the first credit rating for a decentralized finance platform, focusing on its ability to maintain stablecoin value and highlighting risks such as centralized governance and regulatory uncertainty.

Comparison with other stablecoins: The assessment places USDS at a "4" rating, indicating constraints, while Circle's USDC received a "2" (strong) rating. S&P's analysis reflects increasing scrutiny of stablecoin issuers as they engage more with traditional financial markets.