S&P Global assigns Sky Protocol a “B-” credit rating due to its “centralization and liquidity risks”

S&P Global has assigned a "B-" credit rating to Sky Protocol, the USDS issuer. This marks the agency's first credit rating for a stablecoin system. The report notes that while Sky has maintained stable profitability since 2020 and has managed losses during market fluctuations, it faces three major risks: founder Rune Christensen effectively controls protocol decision-making through a 9% stake in the governance tokens (a low voter turnout exacerbates centralization); the concentration of large depositors could trigger a bank run; and the weak 0.4% risk-adjusted capital ratio and static surplus reserve mechanism.