S&P Global Ratings made a breakthrough in the field of decentralized finance (DeFi) by assigning a credit rating to the DeFi protocol Sky Protocol (formerly Maker Protocol) for the first time. On August 8, 2025, the agency rated the protocol at B- with a stable outlook, marking the first instance of a traditional rating agency evaluating a DeFi platform. The rating pertains to Sky's obligations, including the stablecoins USDS and DAI, but does not cover governance tokens.
The rating reflects both opportunities and risks. S&P notes Sky's low credit losses since 2020 and diversified reserves, but points out weaknesses: high deposit concentration, centralized management (founder Rune Christensen controls 9% of tokens), and regulatory uncertainty. The protocol's capitalization (0.4% capital-to-risk ratio) also raises concerns.
This move could open the door for the integration of DeFi with traditional finance, allowing institutions to use standardized risk assessments. However, the B- rating is considered speculative, indicating vulnerability in adverse conditions. Experts suggest that further governance and capitalization reforms may improve the rating.
This event highlights the evolution of DeFi and its approach to traditional standards.
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