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Oct 7, 2026

Moody's assigns B3 rating to Sky Protocol in first stablecoin protocol assessment

Moody's Ratings issued a B3 issuer rating with stable outlook to Sky Protocol, marking the first time the agency has assigned a credit rating to a stablecoin protocol.

Oct 7, 2026·2 sources
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Top claims

  • ▪In late September 2026, Galaxy Digital added $100 million of sUSDS to its corporate treasury and approved sUSDS as collateral across its institutional lending and trading business
  • ▪Sky Protocol's low credit rating is a significant barrier to institutional adoption
  • ▪S&P Global plans to raise Sky Protocol's rating if it sees improvements in governance concentration, thin capital, and depositor concentration

Topics

StablecoinsCrypto regulationInstitutional crypto adoptionDeFi