S&P World Rankings assigned a B- (secure outlook) issuer credit standing to Sky Protocol, the decentralized lending platform previously often called Maker Protocol, in a primary for the decentralized finance (DeFi) trade.
The Ethereum-based protocol points the USDS stablecoin, created when debtors put up accepted collateral. With a $7.1 billion market cap, USDS trails solely USDT and USDC in dimension. Sky additionally affords financial savings vaults, enabling holders to earn yield through financial savings USDS (sUSDS).
Jonathan Manley, S&P’s world head of market outreach, known as the score a “vital milestone” that may assist convey larger transparency to DeFi.
The transfer comes as S&P expands its protection into blockchain-based finance, lately score tokenized treasury funds and blockchain mortgage securitizations. Sky is itself an investor in Janus Henderson’s tokenized treasury merchandise.
S&P’s separate Stablecoin Stability Evaluation charges USDS’s peg-maintenance potential at 4 (constrained) on a five-point scale.
The score underscores rising overlap between conventional credit score evaluation and the evolving DeFi market.
