Sky ecosystem becomes first DeFi protocol to receive an S&P credit rating

S&P Global Ratings assigned a ‘B-‘ issuer credit rating with a stable outlook to Sky Protocol on August 7, 2025. It’s the first time a major rating agency has given a full structured-finance credit rating to a DeFi platform.

What the rating actually says

‘B-‘ sits firmly in speculative-grade territory, sometimes called “junk” in the bond market. It signals that the issuer can meet current financial commitments but faces significant ongoing uncertainties.

The rating covers Sky Protocol’s stablecoins, USDS and DAI, along with their associated savings tokens, sUSDS and sDAI. S&P evaluated Sky’s ability to keep USDS pegged to the US dollar and assigned a ‘4 – constrained’ score, indicating significant risks to peg stability during adverse market conditions.

Sky Protocol’s anchor was rated ‘bb’, sitting four notches below the US bank anchor of ‘bbb+’.