S&P Global issued its first-ever credit rating to a DeFi protocol, giving Sky Protocol (formerly Maker) a B‑ (stable) rating.
Sky’s stablecoin, USDS, is now the third-largest by market cap at $7.1 billion.
The Bitcoin DeFi ecosystem has grown 20x since early 2024, as developers build more on Bitcoin.
DeFi Total Value Locked (TVL) surged 75% in 2024, driven by strong growth in yield markets, stablecoins, derivatives, and lending platforms.
