#DeFiGetsGraded

* The first credit rating of DeFi: S&P Global Ratings assigned a rating of "B-" to the Sky protocol, formerly known as MakerDAO. This is the first instance of a major rating agency evaluating a DeFi protocol.

* Rating of stablecoins: The rating of "B-" pertains to the obligations of Sky, namely the stablecoins USDS and DAI, as well as their interest-bearing versions. The rating does not extend to governance tokens.