S&P Global rates Sky Protocol’s stablecoin system at B-, equating its risk to DR Congo’s sovereign debt amid high depositor concentration, heavy reliance on founder Rune Christensen, and regulatory uncertainties, with Sky viewing it as a step toward traditional finance alignment.
S&P Global has rated Sky Protocol—a major Ethereum-based stablecoin issuer with a circulation value of $7.9 billion—at B-, equating its risk to that of DR Congo's sovereign debt. The assessment covers USDS, DAI, and related savings derivatives (excluding the governance token SKY) and highlights risks such as high depositor concentration, heavy reliance on founder Rune Christensen, and regulatory uncertainties, despite low credit losses since 2020. Sky stated that the rating is a first step toward aligning with traditional finance, with potential for an upgrade as DeFi recognition grows.