PANews reported on August 8th that, according to The Block, S&P Global has assigned USDS issuer Sky Protocol a "B-" credit rating, marking 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 9% of its 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.

S&P specifically highlighted the potential threats posed by cybersecurity risks associated with smart contract asset storage and regulatory uncertainty surrounding DeFi. Sky's rating could be downgraded over the next 12 months if it experiences liquidity shortfalls, excessive losses in crypto lending, or unfavorable regulatory developments. S&P believes that improvements in governance centralization, capital adequacy, and deposit concentration could lead to a rating improvement over the long term.