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      Sky Protocol Receives B- Rating from S&P Global Ratings

      S&P Global Ratings announced on October 1, 2026, that it has assigned a B- issuer credit rating to Sky Protocol, a stablecoin protocol, with a stable outlook. The rating reflects the protocol's ongoing development of the Prime Agent ecosystem, which includes various financial strategies such as over-the-counter lending, amounting to approximately $1 billion. This lending activity represents about 10% of the total assets backing the stablecoins USDS and DAI.

      As of mid-September 2026, Sky Protocol's reserves stood at approximately $92 million, with a target of reaching $150 million. The total supply of USDS and DAI has grown significantly, increasing from $7.7 billion in August 2025 to $9.5 billion. The protocol's asset composition has also evolved, with robust assets like USDC and tokenized money market funds backed by government bonds now accounting for about 50% of the circulating supply, up from 36% a year earlier.

      The balance sheet has seen a shift in asset allocation, with on-chain crypto lending decreasing to around 25%, while over-the-counter lending has risen. Newly incorporated assets include RLUSD, PYUSD, and USDG, totaling approximately $392 million, alongside a tokenized fund investing in AAA-rated collateralized loan obligations worth about $500 million. As of September 2026, the four major Prime Agents within the ecosystem manage approximately 65% of the combined assets, with Spark leading at 36%.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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