1 week ago
S&P Global Ratings assigned a B- (stable outlook) issuer recognition standing to Sky Protocol, the decentralized lending level formerly known arsenic Maker Protocol, successful a archetypal for the decentralized concern (DeFi) industry.
The Ethereum-based protocol issues the USDS stablecoin, created erstwhile borrowers station approved collateral. With a $7.1 cardinal marketplace cap, USDS trails lone USDT and USDC successful size. Sky besides offers savings vaults, enabling holders to gain output via savings USDS (sUSDS).
Jonathan Manley, S&P’s planetary caput of marketplace outreach, called the standing a “significant milestone” that volition assistance bring greater transparency to DeFi.
The determination comes arsenic S&P expands its sum into blockchain-based finance, precocious standing tokenized treasury funds and blockchain owe securitizations. Sky is itself an capitalist successful Janus Henderson’s tokenized treasury products.
S&P’s abstracted Stablecoin Stability Assessment rates USDS’s peg-maintenance quality astatine 4 (constrained) connected a five-point scale.
The standing underscores increasing overlap betwixt accepted recognition investigation and the evolving DeFi market.
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