S&P Global has rated a stablecoin system for the first time, granting a "B-" credit rating to USDS issuer Sky Protocol

ChainCatcher news, according to The Block, S&P Global has granted a "B-" credit rating to USDS issuer Sky Protocol, marking the first time the rating agency has issued a credit rating for a stablecoin system. The report notes that although Sky has maintained stable profits since 2020 and has controlled losses during market fluctuations, there are three major risks: founder Rune Christensen effectively controls protocol decisions through 9% governance tokens (low voting rates exacerbate centralization), the concentration of large depositors may trigger a bank run, and a 0.4% risk-adjusted capital ratio with a weak static surplus reserve mechanism.

S&P particularly emphasizes that the cybersecurity risks associated with smart contract asset storage and the regulatory uncertainty in DeFi pose potential threats. Within the next 12 months, if Sky experiences liquidity shortages, excessive losses in crypto lending, or unfavorable regulatory conditions, the rating may be downgraded. S&P believes that in the long term, improving issues related to governance centralization, capital adequacy, and deposit concentration is expected to enhance the rating.