S&P Global has given Sky Protocol, the DeFi platform formerly known as Maker, a B- credit rating with a stable outlook. It is the first time a major credit agency has rated a decentralized protocol, placing it squarely in the middle of DeFi’s uneasy interaction with traditional finance. The rating indicates Sky can meet its obligations for now, but it remains exposed if market conditions deteriorate.
The assessment pointed to several weaknesses. Depositor concentration is high. Governance is still centralized enough for Rune Christensen’s 9 percent voting weight to carry influence, particularly with low voter participation. Risk-adjusted capital was just 0.4 percent in late July, and regulatory uncertainty combined with the familiar DeFi risks such as contract exploits and design flaws add further pressure. On the positive side, losses have been minimal and earnings steady since 2020.
Sky’s USDS stablecoin received a “4” on S&P’s 1-to-5 stability scale, the same score as Tether, while USDC came out stronger with a “2.” The weaker score reflects difficulty maintaining the peg, relatively small reserves, and a complex asset mix.
This is a milestone that could give large investors a framework for pricing DeFi risk and entering the space. It also moves DeFi closer to the same centralized, ratings-driven systems it was created to avoid. For some, this may be the start of a credibility boost, while for others it looks like another step away from the original vision.
