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SKY Moody's assigns Sky Protocol a B3 rating, stablecoin agreement is recognized by institutions
On October 7, 2026, Moody's Investors Service gave Sky Protocol issuers a B3 Ratings, with a stable outlook. This is the first time the agency has rated the stablecoin agreement. The move is significant for institutional investors still watching the USDS because it gives the U.S. dollar stablecoin issuer a rating from another major rating agency.
The only agreement to receive ratings from two major institutions
Sky announced that Moody's B3 rating makes it the only stablecoin agreement rated by both Moody's and S&P Global. The B3 level is equivalent to the "B-" rating awarded to Sky by S & P in August 2025. B3 is a non-investment grade mark.
The agreement views this rating as an affirmation rather than a warning of future risks. "The value of independent credit ratings is that they allow institutional investors to evaluate Sky through the framework they already have in global markets," said Greg Feibus, the company's global head of capital markets. He believes that Sky's multiple evaluations will only strengthen Sky's credit profile in the eyes of institutional investors.
Problems identified by S & P a year ago
Moody's latest rating is accompanied by some familiar narratives. In August last year, Standard & Poor's rated Sky as B-rated, pointing out that it had problems such as a high concentration of depositors, a high concentration of governance, and insufficient risk-adjusted capitalization.
事实上，Sky创始人Rune Christensen持有高达9%的协议治理代币，标普认为这使他拥有巨大的影响力，尤其是在投票率极低的情况下。此外，标普指出Sky的风险调整后资本比率仅为0.4%，且剩余缓冲资金薄弱，将其列为“值得注意的弱点”，并预测未来12个月内不太可能实现评级上调。
媒体报道以更直白的语言解读了这一评级：B-级意味着USDS和DAI的地位大致等同于刚果民主共和国的主权债券。任何低于BBB-评级的债务基本上都属于高收益或垃圾债范畴。
机构为何仍感兴趣
此次评级恰逢其时，因为机构投资者正在加强与Sky的联系。Galaxy Digital发现，其公司金库中增加了1亿美元的sUSDS（USDS的储蓄版本）。随后，该公司在其机构贷款部门批准USDS作为抵押品，并购买了未知数量的SKY治理代币。所有这些操作均发生在9月下旬。
Feibus将Galaxy的兴趣与2025年的标普评级联系起来。渣打银行对Sky的USDS前景持乐观态度，预测到2028年代币持有者将获得5倍回报。
Sky正致力于解决的储备问题
正如穆迪和标普在评分中所指出的，Sky似乎面临储备方面的挑战。然而，该协议似乎正在采取行动。今年3月，协议的治理合作社投票决定将其每日回购计划削减87%，并将资金重新分配至后备缓冲池。
此举能否真正打动这两家评级机构仍有待观察。标普表示，如果看到治理集中度、资本薄弱性和存款人集中度有所改善，计划提高Sky的评级。在此之前，我们拭目以待。
