Moody’s Assigns Sky Protocol B3 Rating, First for a Stablecoin Protocol

A first-of-its-kind rating matters less for the grade than for the precedent: stablecoin issuers are being pulled into the same credit-assessment framework as traditional borrowers, which changes how institutional counterparties can treat them. The split verdict — B3 from Moody's, B- from S&P — suggests the agencies agree on the risk tier even without a shared methodology. The open question is whether more protocols follow into formal ratings, and whether that access to institutional capital comes with disclosure obligations the sector has so far avoided.