#DeFiGetsGraded S&P Global Ratings issued its first-ever credit rating for a DeFi protocol, assigning Sky Protocol a B- with a stable outlook. This marks a historic step in bridging DeFi and traditional finance. The rating evaluates Sky’s USDS and DAI stablecoin liabilities, citing concerns like depositor concentration and governance centralization. Despite operational strengths, such as minimal credit losses and diversified liquidity, risks like regulatory uncertainty and cyber vulnerabilities remain. This rating could standardize credit risk for institutional DeFi engagement, potentially reshaping yield pricing and fostering growth