Sky Protocol, the decentralized finance (DeFi) platform formerly known as MakerDAO, has received its first credit rating from Moody’s, which assigned it a B3 rating with a stable outlook. This places Sky in the speculative-grade category, reflecting concerns over its thin capital buffer. The rating is based on roughly $90 million in equity and reserves against approximately $10 billion in managed assets, which mostly back its two stablecoins, USDS and DAI.
Moody’s issued the rating on October 7, 2026, making Sky the first stablecoin protocol to receive such an assessment. The agency noted that the managed assets range between $10 billion and $11 billion, depending on the measurement. The low equity-to-assets ratio, which stands at less than 1%, was a key factor in the speculative-grade label.
The stable outlook suggests Moody’s does not expect the rating to change soon. The agency highlighted the growth of Sky’s reserves, which increased from around $50 million earlier in 2026 to an estimated $92 million by September 17. This growth was driven by governance decisions, including a buyback program aimed at boosting reserves. Sky’s governance has set a target of $150 million in reserves, which could significantly improve its capital buffer.
Sky is not alone in receiving a credit rating. S&P Global Ratings also assigned it a B- rating earlier in October 2026, making Sky the only stablecoin protocol with ratings from both agencies. The ratings are significant for institutional investors, who often require standardized credit assessments before allocating funds. However, the low equity-to-assets ratio remains a concern, and any further growth in supply without matching reserve growth could exacerbate the issue.