S&P Global Ratings assigned a b- (Steady Outlook) Issuing credit rating to Sky Protocol, the decentralized lending platform previously known as Maker Protocol, in a first to the decentralized funding (Defi) industry.
The Ethereum-based protocol issues USDS StableCOin, which was created when borrowers items approved security. With a market capital of $ 7.1 billion trails only USDS only USDT and USDC in size. Sky also offers savings whale, which allows holders to earn dividends via savings USDS (Susds).
Jonathan Manley, S & PS’s global leader of market development, called the assessment of a “significant milestone” who will help bring greater transparency to defi.
The move comes as S&P expands its coverage for blockchain-based financing, recently assessed tokenized Finance Ministry and Blockchain Panty Loans. Sky is in itself an investor in Janus Henderson’s tokenized Treasury products.
S&P’s separate stableecoin stability assessment rates USDS’s PEG maintenance ability at 1 p.m. 4 (restricted) On a five-point scale.
The rating emphasizes growing overlap between traditional credit analysis and the evolving defi market.
