Sky Protocol, formerly MakerDAO, received a B3 issuer rating with a stable outlook from Moody's Ratings, marking Moody's first rating of a stablecoin protocol. The rating was disclosed by the Sky Frontier Foundation and surfaced publicly on Oct. 8, 2026. Moody's cited Sky's liquid assets and profitability but identified thin capitalization, decentralized governance and confidence-sensitive stablecoin liabilities as constraints. B3 is a speculative-grade rating below investment grade, while the stable outlook indicates Moody's does not currently anticipate a rating change over its usual 12-to-18-month horizon. The assessment provides institutions and compliance teams with a conventional credit benchmark for the issuer of USDS and DAI. Earlier reporting said S&P Global Ratings assigned Sky a B- rating in August 2025, although the newer account describes Moody's assessment as the first major-agency rating of a stablecoin protocol.