BlockBeats News, August 8th, according to The Block, S&P Global has awarded a "B-" credit rating to USDS issuer Sky Protocol, marking the first time the rating agency has issued a credit rating for a stablecoin system. The report points out that although Sky has maintained stable profits since 2020 and losses have been manageable during market volatility, there are three main risks: founder Rune Christensen actually controls protocol decisions through a 9% governance token (low voting turnout exacerbates centralization), large depositors' concentration may trigger a bank run, and a 0.4% risk-adjusted capital ratio and weak static surplus reserve mechanism.

S&P states that the network security risks brought by smart contract asset storage and DeFi regulatory uncertainty pose potential threats. In the next 12 months, if Sky experiences liquidity shortages, excessive losses in crypto loans, or an unfavorable regulatory environment, the rating may be downgraded. S&P believes that in the long term, improvements in governance centralization, capital adequacy ratio, and deposit centralization are expected to enhance the rating.