{"id":79201,"date":"2026-10-07T20:02:08","date_gmt":"2026-10-07T20:02:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/moodys-gives-sky-protocol-its-first-stablecoin-credit-rating\/"},"modified":"2026-10-07T20:02:08","modified_gmt":"2026-10-07T20:02:08","slug":"moodys-gives-sky-protocol-its-first-stablecoin-credit-rating","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/moodys-gives-sky-protocol-its-first-stablecoin-credit-rating\/","title":{"rendered":"Moody\u2019s Gives Sky Protocol Its First Stablecoin Credit Rating"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Moody\u2019s gave Sky Protocol a B3 rating, its first for a stablecoin protocol.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Sky had about $90M in equity against roughly $10B in managed assets in September.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Moody\u2019s says Sky could earn an upgrade if its capital ratio clears 2.5%.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>Wall Street\u2019s credit machinery has officially reached <a href=\"https:\/\/news.bitcoin.com\/unlocking-the-future-your-fun-guide-to-decentralized-finance-and-web3\/\">decentralized finance (DeFi)<\/a>. Moody\u2019s assigned Sky Protocol a B3 long-term counterparty risk rating with a stable outlook, the agency\u2019s first rating of a stablecoin protocol. Sky, formerly MakerDAO, oversees the dollar-pegged USDS and DAI.<\/p>\n<p>The eye-catching part isn\u2019t merely the rating. Moody\u2019s <a href=\"https:\/\/ratings.moodys.com\/ratings-news\/474486\" target=\"_blank\" rel=\"noopener noreferrer\">report found roughly $90 million<\/a> in tangible common equity sitting behind approximately $10 billion in tangible managed assets as of September, a capital position it called a \u201cmaterial credit weakness.\u201d<\/p>\n<h2>A Familiar Rating System Meets DeFi<\/h2>\n<p><a href=\"https:\/\/news.bitcoin.com\/moodys-rates-fidelitys-ethereum-based-usd-liquidity-fund-at-highest-aaa-mf-level\/\">The credit rating agency Moody\u2019s<\/a> credited Sky with low historical credit losses, liquid assets, and solid profitability relative to its risk. Since 2020, the protocol has recorded about $15 million in cumulative losses, while roughly 45% to 50% of its assets consist of stablecoins and tokenized money market funds. Another roughly 25% sits in cryptocurrency-backed loans.<\/p>\n<p>Except there\u2019s a catch. Moody\u2019s said Sky\u2019s thin capitalization, confidence-sensitive stablecoin liabilities, and decentralized autonomous organization (DAO) structure weigh heavily on its credit profile. Sky also lacks audited financial statements, formal incorporation, employees, officers, and directors.<\/p>\n<p>\u201cThe B3 CRR reflects Sky Protocol\u2019s solid, though limited, operating history in decentralized finance, the relatively liquid nature of a material portion of its assets, low historical credit losses, and solid profitability relative to its asset risk,\u201d the Moody\u2019s rating states.<\/p>\n<p>The credit rating firm added:<\/p>\n<blockquote>\n<p>\u201cThese positives are counterbalanced by Sky Protocol\u2019s very low capitalization, confidence-sensitive stablecoin liabilities, and the inherently elevated operational, governance, legal, and regulatory risks associated with its DAO structure, smart-contract infrastructure, and permissionless stablecoin model.\u201d<\/p>\n<\/blockquote>\n<h2>The Capital Cushion Is the Rub<\/h2>\n<p><a href=\"https:\/\/news.bitcoin.com\/defi-giant-makerdao-rebrands-as-sky-introduces-usds-stablecoin-and-sky-token\/\">The DeFi project Sky<\/a>\u2019s governance objectives call for tangible common equity to reach $150 million over the medium term. If losses overwhelm available capital, then the protocol would mint and attempt to sell new governance tokens. If that backstop failed, then USDS and DAI could be written down.<\/p>\n<p>Moody\u2019s said an upgrade becomes possible if Sky\u2019s capital ratio rises above 2.5% and stays there while profitability, liquidity, and asset risk remain steady. A drop below 0.5%, consecutive quarterly losses, or weaker liquidity could push the rating the other way.<\/p>\n<p>\u201cSky Protocol\u2019s CRR could be upgraded if capitalization (as measured by TCE to TMA) increases and we expect it to remain above 2.5%; while it continues to maintain current levels of profitability, liquidity, and asset risk; or should evidence develop of substantial incremental mitigants to operational, governance, legal, and regulatory risks,\u201d Moody\u2019s report details.<\/p>\n<p><a href=\"https:\/\/news.bitcoin.com\/what-are-stablecoins-a-simple-explanation-of-the-digital-asset-bridging-crypto-and-fiat\/\">For fiat-pegged stablecoins<\/a> and DeFi, the bigger curiosity is now on the table: Wall Street\u2019s old credit yardstick has finally been placed against a DAO.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/kazakhstan-taps-tether-explore-tenge-stablecoin-model\/\"><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/kazakhstan-taps-tether-explore-tenge-stablecoin-model\/\"><img alt=\"Kazakhstan Taps Tether to Explore a New Tenge Stablecoin Model\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkazakhstan-taps-tether-to-explore-a-new-tenge-stablecoin-model-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">Kazakhstan already has a tenge stablecoin in a central-bank sandbox. Now it has brought Tether into the room to study\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/stablecoins\/moodys-gives-sky-protocol-first-stablecoin-credit-rating\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Moody\u2019s gave Sky Protocol a B3 rating, its first for a stablecoin protocol. Sky had about $90M in equity against roughly $10B in managed assets in September. Moody\u2019s says Sky could earn an upgrade if its capital ratio clears 2.5%. Wall Street\u2019s credit machinery has officially [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":79202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79201"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79201"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79202"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}