PANews reported on August 8 that S&P Global has assigned a 'B-' credit rating to the issuer of USDS, Sky Protocol, marking the first time the rating agency has issued a credit rating for a stablecoin system. The report noted that although Sky has maintained stable profits since 2020 and the losses during market fluctuations have been manageable, there are three major risks: founder Rune Christensen effectively controls protocol decisions through 9% governance tokens (low voting rates exacerbate centralization), the concentration of large depositors may trigger a run, and the 0.4% risk-adjusted capital ratio alongside a weak static surplus reserve mechanism.
S&P particularly emphasized that the cybersecurity risks associated with smart contract asset storage and the regulatory uncertainties of DeFi pose potential threats. Within the next 12 months, if Sky experiences liquidity shortages, excessive losses from crypto loans, or adverse regulatory conditions, the rating may be downgraded. S&P believes that in the long term, improving issues related to governance centralization, capital adequacy, and deposit centralization is expected to enhance the rating.