#DeFiGetsGraded
S&P Global Ratings has issued its first credit rating for a DeFi protocol, assigning Sky Protocol a rating of B- with a stable outlook. This marks a historic step in connecting DeFi and traditional finance. This rating assesses Sky's USDS and DAI stablecoin debts, highlighting concerns such as depositor concentration and governance concentration. Despite strengths in operation, such as minimal credit losses and diverse liquidity, risks such as regulatory uncertainty and cybersecurity weaknesses remain. This rating could standardize credit risk for institutional participation in DeFi, potentially reshaping yield pricing and driving growth. #DeFiGetsGraded reflects the growing legitimacy of DeFi in global finance.