Evolution journalist
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Evolution journalist
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Involve
The S& P Global Ratsals has released a B-source of Sky Protocol, formerly known as Maker Protocol, in the first classification by a major credit agency for decentralized financing platform (Defi).
Main meals:
- The S&P Global Protocol Sky Protocol gave the first rating of the Defi platform.
- The agency indicated the risks, including the high concentration of deposit, central governance and weak weaknesses.
- The S&P said that the protocol could fulfill the obligations, but it is weak in harmful conditions.
The classification is part of Stablecoin Source Reconciliations for S&PIt was launched in 2023 to assess its ability to keep PEG to Fiat currencies.
The review of Sky’s Usds and Dai Stablecoins, along with SUSDS and SDAI symbols.
S&P USDs “restricted” rates with 4 degrees in the first evaluation
In her first evaluation, S & P “4” gave the stability scale – called “restricted” – to maintain the connection of the dollar.
Sky Protocol, a decentralized lending platform, facilitates encryption loans and uses USDs to support lending and borrowing activity.
USDs occupies the fourth largest stablecoin by the maximum market, with $ 5.36 billion, according to Coinmarketca.
In this context, the S&P defined as “a haircut imposed on the distinguished symbol holders.”
The agency highlighted potential operators, such as collective withdrawals that exceed available liquidity or credit losses that exceed capital reserves.
The weaknesses that have been marked include high deposit concentration, central referee, relying on the founder Ron Christinen, organizational uncertainty, limited capital, and the amended capital ratio was only 0.4 % on July 27.
Andrew O’Neill said the analytical forefront of the digital assets of the S&P, said, Cointelegraph The classification indicates that the protocol “can fulfill its financial obligations” but it remains “vulnerable to the opposite business, financial and economic”. “
The issue of governance was emphasized by the S&P note that decision -making is still very central, partly due to the participation of low voters, although Christnin holds about 9 % of the distinctive symbols of governance.
The Sky Assets Committee of Assets said that the review allowed it to reconsider the risk models of the traditional opposing party and evaluate the risk of Defi, such as weaknesses in the smart nodes, Oracle consequences, bridge security, and governance issues.
These have been identified as regions that require continuous monitoring and mitigation.
The classification also reduced Sky to “BB”, four degrees below the American banking anchor of “BBB+”, pointing to the broader organizational uncertainty facing Defi.
S & P usdc is classified as strong, and puts Usdt and USDs in the “restricted” category
S&P evaluation category in Circle USDC in 2 (Strong), Tether Usdt in 4 (restricted), and USDS also in 4, noting that O’Neil indicates that the main issue of Tether is transparency while USDs face the complexity at its asset base and with weak capital reserves.
S&P launched a stablecoin framework for stability in December 2023, and in June, it was awarded the first Blockchain mortgage -based mortgage delivery, through Solutions Technology Figure, AAA classification of a group of $ 355 million of mortgage assets.
Globally, Stablecoin is accelerating. In the United States, President Donald Trump has signed the first federal steps on July 18, describing it as a “giant step” towards securing American domination in global financing and encryption technology.
As it has been re -formulated, the Western Union determines itself in a new stage of digital transformation, indicating strong interest in using Stablecoins to update global transfers.
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2025-08-11 09:35:00
