Share this article
S&P Assigns First-Ever Credit Rating to a DeFi Protocol, Rates Sky at B-
S&P Global Ratings assigned Sky Protocol a B- rating with a stable outlook, marking the first time a credit rating company has assessed a DeFi protocol
Aug 11, 2025, 3:08 p.m.
Make us preferred on Google
What to know:
- Sky's B- marks the first time a major credit ratings company has graded a DeFi protocol.
- Sky’s USDS stablecoin has a $7.1 billion market cap, ranking third behind USDT and USDC.
- The move follows S&P’s growing activity in tokenized funds and blockchain-based finance.
S&P Global Ratings assigned a B- (stable outlook) issuer credit rating to Sky Protocol, the decentralized lending platform formerly known as Maker Protocol, in a first for the decentralized finance (DeFi) industry.
The Ethereum-based protocol issues the USDS stablecoin, created when borrowers post approved collateral. With a $7.1 billion market cap, USDS trails only USDT and USDC in size. Sky also offers savings vaults, enabling holders to earn yield via savings USDS (sUSDS).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Jonathan Manley, S&P’s global head of market outreach, called the rating a “significant milestone” that will help bring greater transparency to DeFi.
The move comes as S&P expands its coverage into blockchain-based finance, recently rating tokenized treasury funds and blockchain mortgage securitizations. Sky is itself an investor in Janus Henderson’s tokenized treasury products.
S&P’s separate Stablecoin Stability Assessment rates USDS’s peg-maintenance ability at 4 (constrained) on a five-point scale.
The rating underscores growing overlap between traditional credit analysis and the evolving DeFi market.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Accelerating Convergence Between Traditional and On-Chain Finance in 2026?
Commissioned bySociete Generale-FORGE
More For You
Sharplink's Lubin and Chalom make their case for ether DATs as prices plunge
At a panel discussion at Consensus Hong Kong 2026 featuring Sharplink Gaming Chairman Joe Lubin and CEO Joseph Chalom, the two executives outlined how digital asset treasuries are evolving into a distinct institutional strategy.
What to know:
- As institutional adoption of digital assets matures, a new corporate playbook is emerging: treat ether not just as an investment, but as productive financial infrastructure.
- At a panel discussion at Consensus Hong Kong 2026 featuring Sharplink Gaming (SBET) Chairman Joe Lubin and CEO Joseph Chalom, the two executives outlined how DATs are evolving into a distinct institutional strategy.
Top Stories
