Moody’s assigns B3 rating to Sky, flags thin capital buffer

Sky Protocol, the DeFi heavyweight formerly known as MakerDAO, now has a Moody’s credit rating. The grade is B3 with a stable outlook, which places it in speculative-grade territory. The headline number behind that verdict is roughly $90 million in equity and reserves, set against about $10 billion in managed assets. What Moody’s actually said Moody’s Ratings issued the inaugural issuer rating on October 7, 2026. That makes Sky the first stablecoin protocol the agency has rated. The speculative-grade label reflects what Moody’s sees as a vulnerable capital structure. The agency’s research puts managed assets in a range of $10 to $11 billion, depending on the measure. Those assets mostly back Sky’s two stablecoins, USDS and DAI. Do the arithmetic on roughly $90 million against about $10 billion, and the equity cushion comes out under 1% of assets. The stable outlook signals that Moody’s does not currently expect the rating to move in either direction. The reserves story Moody’s gave weight to Sky Reserves, the protocol’s capital buffer. That buffer has been growing at a noticeable clip. Reserves sat at around $50 million earlier in 2026. By September 17, they had reached an estimate...