Moody’s assigned a B3 rating with stable outlook to Sky, the DeFi protocol formerly known as MakerDAO, on October 7, 2026. The agency estimates managed assets between $10 and $11 billion, primarily backing the two stablecoins USDS and DAI, while equity and reserves stand at roughly $90 million, representing under 1% of assets. Sky is the first stablecoin protocol ever rated by Moody’s. S&P Global Ratings also assigned a B- rating to Sky in October 2026, making it the only stablecoin protocol rated by both agencies. Sky’s reserves grew from roughly $50 million earlier in 2026 to $92 million by September 17, with a target of $150 million, a key metric to watch for improving the capital buffer.
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