S&P Global Ratings made a breakthrough in the field of decentralized finance (DeFi) by assigning Sky Protocol, formerly known as Maker Protocol, its first credit rating — B- with a stable outlook. This marks a significant milestone in the institutional adoption of DeFi, integrating traditional financial assessments with blockchain technologies. Sky Protocol, a platform for decentralized lending using stablecoins USDS and DAI, received the rating due to its ability to meet financial obligations, albeit with vulnerability to adverse conditions.
S&P noted key risks: high deposit concentration, centralized management (founder Rune Christensen controls 9% of tokens), weak capitalization (ratio of 0.4%), and regulatory uncertainty. However, a strong history of minimal losses since 2020 and diversified reserves mitigate these threats. The rating also assessed the stablecoin USDS as 'limited' (4 out of 5), reflecting the complexity of its backing.
This step opens the door for broader integration of DeFi with traditional finance, attracting the attention of institutional investors. Experts believe that such assessments could become the standard, promoting transparency and stability in the sector. For Sky, this is an opportunity to improve management and reserves, aiming for a higher rating in the future.
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