#DeFiGetsGraded S&P Global has issued its first-ever credit rating for a decentralized finance (DeFi) protocol, assigning a "B-" to Sky, the protocol formerly known as MakerDAO. This is a huge development for the DeFi ecosystem.

The B- rating, which is in the speculative, or "junk," category, applies to Sky's stablecoins, USDS and DAI. S&P Global noted several key risks in its assessment, including concerns about governance centralization (specifically the influence of founder Rune Christensen), depositor concentration, and ongoing regulatory uncertainty. These factors were partially offset by the protocol's track record of low credit losses and consistent earnings.

This historic rating is a pivotal step toward bridging traditional finance and DeFi. While the grade itself highlights the immaturity and risks inherent in the space, the very act of a major rating agency applying its framework could be the key to building the trust necessary for wider institutional adoption. The conversation around DeFi's future is officially entering a new phase.