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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Moody’s Ratings assigned Sky Protocol a B3 counterparty risk rating on October 6, 2026. The accessible Moody’s listing confirms the grade, rating type, subject and date, but does not provide the full rating action. It therefore does not establish Moody’s outlook, the obligations covered or the agency’s reasons.
What Moody’s B3 rating confirms—and what it does not
Moody’s official listing is titled “Moody’s Ratings assigns B3 counterparty risk rating to Sky Protocol” and is dated October 6, 2026. That is the extent of the rating detail available in the listing. Without the full action, it would be premature to infer a particular outlook, risk assessment, rated obligation or implication for USDS holders.
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The label identifies the rating as a counterparty risk rating, but the listing alone does not explain its scope or connect it to a specific promise to redeem USDS. It is not, by itself, evidence that USDS will maintain a particular market price or that holders have a claim on protocol assets.
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How Moody’s action differs from S&P’s earlier rating
S&P Global Ratings took a separate action on August 7, 2025: it assigned Sky Protocol a B− issuer credit rating with a stable outlook. S&P described its assessment as covering the creditworthiness of protocol liabilities, including USDS and DAI stablecoins and sUSDS and sDAI savings tokens. Moody’s October 2026 listing uses a different rating type, was issued by a different agency and does not state an outlook. The grades should not be treated as directly equivalent or their rationales combined.
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| Agency and action date | Rating type and subject | Grade and outlook | Published risk discussion |
|---|---|---|---|
| Moody’s Ratings, October 6, 2026 | Counterparty risk rating for Sky Protocol, as described in the official listing | B3; outlook not stated in the accessible listing | Full rationale, covered scope and sensitivities not stated in the accessible listing (Moody’s, 2026). |
| S&P Global Ratings, August 7, 2025 | Issuer credit rating for Sky Protocol; S&P said its assessment considered protocol liabilities including USDS, DAI, sUSDS and sDAI | B−; stable outlook | S&P cited concentrated depositors, transitional and centralized governance, founder reliance, regulatory uncertainty and weak risk-adjusted capitalization as constraints. It also noted limited historical credit losses, modest earnings and liquidity buffers as mitigating considerations (S&P, 2025). |
S&P wrote: “We therefore assigned our ‘B-‘ issuer credit rating to Sky.” Those observations are S&P’s published analysis from 2025, not Moody’s explanation for its 2026 rating.
What Sky Protocol is, and where USDS fits
Sky Protocol evolved from MakerDAO and rebranded in August 2024. An SEC filing related to Sky Digital Asset Treasury describes USDS as a successor stablecoin to DAI, with 1:1 convertibility described in the filing. It says the protocol uses overcollateralized vaults and related modules to mint USDS and DAI, and also supports savings through sUSDS, collateralized lending and on-chain settlement. SKY is the governance token. These are descriptions in an issuer-related filing, not an independent assessment of the protocol’s credit risk.
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The filing, citing data published by Sky Ecosystem Insights, reports that USDS and DAI supply together exceeded $10 billion as of June 30, 2026. It also reports that, as of October 2, 2026, six Ranked Delegates held about 97.4% of delegated voting power, with the two largest holding about 64.4%. Delegated voting power accounted for substantially all voting power exercised in recent governance votes, according to the filing.
What the reported institutional activity shows
Sky Frontier Foundation’s June 2026 update says more than $5.5 billion had been deployed through Sky Agents into instruments and platforms. It reports the following allocations:
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| Institution named by the Foundation | Reported allocation |
|---|---|
| Janus Henderson | $1.24 billion |
| BlackRock/BUIDL | $713 million |
| Anchorage | $260 million |
| PayPal | $236 million |
| Securitize | $102 million |
| Galaxy | $27 million |
These are allocations reported by the Foundation, not independently audited verification of each amount. Deployment through Sky Agents does not establish that every named institution directly bought or holds USDS, or that it endorses USDS. The Foundation specifically cautions that the activity figures do not give sUSDS holders a claim on particular Agents, instruments or revenues. It describes itself as independent and says its content is not official protocol documentation or the views of Sky Ecosystem.
The same June 2026 update reports USDS supply of $10.04 billion at month end, up 96.9% year over year, and sUSDS deposits up 85% year over year from $3.4 billion in June 2025. It also reports $44.1 million in total value locked during the first month of a Pendle fixed-yield product for sUSDS; the characterization of this as early institutional demand is the Foundation’s interpretation.
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For a separate period, the Foundation’s Q1 2026 report summary gives quarter-end USDS supply of $11.70 billion, protocol collateral of $13.03 billion and sUSDS of $6.49 billion. It reports Q1 gross protocol revenue of $123.79 million and net protocol surplus of $46.04 million. These are Foundation-published figures, not Moody’s findings or independent confirmation of creditworthiness.
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What to look for in the full Moody’s action
The listing confirms a B3 counterparty risk rating, but leaves several decision-relevant details open. A full action would be needed to establish:
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- Which counterparty relationship, obligations or activities the rating covers.
- Whether Moody’s assigned an outlook and, if so, what it is.
- The agency’s stated rationale, key risk factors and rating sensitivities.
- Whether and how the analysis addresses USDS, DAI, savings tokens, governance or protocol finances.
Until those details are available, the Foundation’s deployment figures and S&P’s earlier analysis provide context about ecosystem activity and a separate agency’s view; neither fills in Moody’s missing rationale.
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