S&P Global has given a B- rating to the DeFi protocol Sky, which is on par with the Democratic Republic of the Congo.

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On August 8, the rating agency S&P Global conducted its first credit rating for the DeFi protocol Sky (formerly MakerDAO), resulting in a rating of B-, which is on par with the sovereign debt rating of the Democratic Republic of the Congo, classified as a high-risk "speculative grade". S&P pointed out that Sky's current risks mainly include a high concentration of depositors, excessive reliance on founder Rune Christensen, and uncertainties in DeFi regulation, but also acknowledged that its credit losses have been low and returns stable since 2020.

This rating does not cover the governance token SKY and only involves USDS, DAI, and their savings derivatives. Sky is the fourth largest stablecoin issuer on Ethereum, with a circulating supply of 7.9 billion USD.

Sky responded that this rating is the first step towards integration with the traditional financial system, and subsequent ratings may be upgraded as DeFi awareness improves. Analysts believe that although this is not an investment-grade rating, it signifies that mainstream rating agencies are beginning to seriously assess the credit status of DeFi protocols.

DEFI-4.55%
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ApeShotFirstvip
· 20h ago
Indeed, having a B makes a difference. The Democratic Republic of the Congo is in tears.
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StealthDeployervip
· 20h ago
What does it feel like to be on par with the Congo?
View OriginalReply0
AirdropworkerZhangvip
· 20h ago
So tragic, it's on the same level as Congo.
View OriginalReply0
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