Moody's Rates First Stablecoin Protocol as Sky Earns Speculative B3
- —Moody's assigned Sky Protocol a B3 issuer rating with a stable outlook on 7 October 2026
- —Sky is the only stablecoin protocol rated by both Moody's and S&P, which gave it a B- in August 2025
- —Moody's flagged Sky's capital as a weakness: about $90 million in tangible common equity against $10 billion in managed assets
- —Galaxy added $100 million of sUSDS to its treasury and approved it as collateral for institutional trading
Why it matters: The first credit ratings for a stablecoin protocol give institutions a framework to assess USDS risk and could accelerate capital inflows into the sector.
Source: Coinpaprika News