#DeFiGetsGraded Global Issues Its First Credit Rating for a DeFi Protocol – Sky Receives B-

In a historic milestone for decentralized finance (DeFi), S&P Global Ratings has issued its first credit rating for a DeFi protocol, assigning the Sky Protocol—formerly known as Maker Protocol—a rating of B- (Stable Outlook). This rating specifically applies to Sky's stablecoins—USDS, DAI, and their savings derivatives—placing them in the speculative grade category, approximately equivalent to the sovereign debt rating of the Republic of the Congo.