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Moody’s Gives Sky Protocol Its First Stablecoin Credit Rating
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Moody’s has given Sky Protocol a B3 rating with a stable outlook, marking the agency’s first rating of a stablecoin protocol.
Key facts
- The DeFi project Sky ’s governance objectives call for tangible common equity to reach $150 million over the medium term
- Moody’s said an upgrade becomes possible if Sky’s capital ratio rises above 2.5% and stays there while profitability, liquidity, and asset risk remain steady
- For fiat-pegged stablecoins and DeFi, the bigger curiosity is now on the table: Wall Street’s old credit yardstick has finally been placed against a DAO
- If that backstop failed, then USDS and DAI could be written down
Summary
Moody’s 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’s says Sky could earn an upgrade if its capital ratio clears 2.5%. Wall Street’s credit machinery has officially reached decentralized finance (DeFi).