According to BlockBeats, on August 8, The Block reported that S&P Global has granted a 'B-' credit rating to Sky Protocol, the issuer of USDS, marking the first time the rating agency has issued a credit rating for a stablecoin system. The report pointed out that although Sky has maintained stable profits since 2020 and has controlled losses during market fluctuations, 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 deposit users may trigger a run on the bank, and the 0.4% risk-adjusted capital ratio along with a weak static surplus reserve mechanism.
S&P stated that the cybersecurity risks posed by the storage of smart contract assets and the regulatory uncertainties surrounding DeFi constitute potential threats. Within the next 12 months, if Sky experiences liquidity shortages, excessive losses in crypto loans, or adverse regulatory conditions, the rating may be downgraded. S&P believes that in the long term, improving governance centralization, capital adequacy, and the degree of deposit centralization is expected to enhance the rating.