Author：Too young

According to The Block, S&P Global has assigned a "B-" credit rating to Sky Protocol, the USDS issuer. This marks the agency's first credit rating for a stablecoin system. The report notes that while Sky has maintained stable profitability since 2020 and has managed losses during market fluctuations, it faces three major risks: founder Rune Christensen effectively controls protocol decision-making through a 9% stake in governance tokens (a phenomenon exacerbated by low voter turnout); the concentration of large depositors could trigger a bank run; and the 0.4% risk-adjusted capital ratio and static surplus reserve mechanism are weak. S&P specifically highlighted the potential threats posed by cybersecurity risks associated with smart contract asset storage and regulatory uncertainty surrounding DeFi. Over the next 12 months, Sky's rating could be downgraded if it experiences liquidity shortages, excessive losses in crypto lending, or unfavorable regulatory developments. S&P believes that improvements in governance centralization, capital adequacy, and deposit concentration could improve its rating over the long term.