#DeFiGetsGraded

** What has happened:**

S&P Global has assigned a credit rating for the first time to a stable DeFi protocol: Sky Protocol (formerly MakerDAO), granting a B- with a stable outlook.

** Key aspects evaluated:**

Credit risk of USDS and its obligations.

Liquidity reserves in USDC and tokenized money market funds.

History of low credit losses even in adverse times.

** Highlighted risks:**

Centralized governance, with power concentration and low participation in voting.

Weak capitalization: only a 0.4% risk-adjusted capital ratio.

Regulatory uncertainty regarding DeFi.

Nonetheless, the stable outlook indicates that S&P believes that Sky can meet its commitments under normal conditions.

** Importance of the moment:**

This move symbolizes the recognition of DeFi within the traditional financial framework. It represents a bridge towards institutional adoption, as it introduces rigorous standards for assessing the strength of these protocols.