#DeFiGetsGraded

Decentralized finance (DeFi) just stepped into the spotlight of traditional finance. S&P Global has delivered its first ever credit rating for a DeFi protocol—Sky Protocol (formerly Maker)—granting it a B- rating with a stable outlook, focusing solely on stablecoin liabilities like USDS and DAI. 

This landmark assessment signals the growing institutional confidence in DeFi, despite lingering concerns around depositor concentration, governance centralization, and cyber and regulatory risk. 

As DeFi edges closer to traditional financial frameworks, its investors now get a clearer lens into on-chain credit credibility.