The DeFi sector enters a new phase: for the first time, S&P Global Ratings has assigned Sky Protocol a rating of B- (stable outlook), thus marking the beginning of an official mapping.
According to data collected by experts in the fintech sector, this allocation represents a crucial step in the convergence between traditional markets and decentralized finance.
Sky Protocol under the lens: how does credit evaluation work according to S&P?
The evaluation of S&P Global Ratings is based on three main factors that influence the protocol rating:
- Strongly centralized governance
- Capitalization and limited reserves
- Persistent regulatory uncertainty in the DeFi sector
The rating B- indicates a limited ability to meet financial commitments, with a significant risk of deterioration in difficult market conditions. This development is a significant novelty for crypto players: traditional rating agencies now apply official parameters to assess the credibility and weaknesses of DeFi protocols.
Industry analysts note that the evaluation follows criteria similar to those used for traditional financial institutions, although with specific adjustments for the peculiarities of the mercato crypto.
Stablecoin: USDS on the edge, USDC remains the benchmark
In the S&P analysis on stablecoin, a clear differentiation emerges among the main players:
- USDC: rating 2 (strong)
- USDT: rating 4 (constrained – limitato)
- USDS: rating 4 (constrained – limitato)
The score “4” assigned to USDS highlights significant risks related to insufficient reserves and a relatively small capitalization, making its peg to the dollar less solid compared to direct competitors like USDC. This evaluation is part of the new “Stablecoin Stability Assessment” by S&P Global, initiated in December 2023.
Governance DeFi: centralization remains predominant
The governance structure of Sky Protocol constitutes a critical aspect: much of the decision-making power remains concentrated in the hands of a few, particularly the co-founder Rune Christensen, who holds about 9% of the SKY governance tokens. The limited participation in voting accentuates the risk of concentration, significantly reducing the possibilities of truly decentralized dynamics.
This configuration raises doubts about the solidity of the protocol in the event of unilateral decisions, fueling the debate on the real decentralization in some of the main DeFi platforms.
The distribution of tokens still represents one of the main barriers to effective decentralization in DeFi projects.
Financial solidity: Sky Protocol appears vulnerable
According to the analysis by S&P, the risk capital of Sky Protocol is below the optimal level. The latest available data indicates a reserve surplus around 0.4%, a value that exposes the protocol to fragility in case of massive withdrawals or market shocks.
- Limited financial reserve
- Risk of withdrawals exceeding available liquidity
- Possible “haircut” for token holders in adverse scenarios
The lack of an adequate cushion could lead to direct losses for users, thereby increasing uncertainty among token holders. This scenario is consistent with the trends observed during the crypto market crash of 2022-2023, highlighting the need to strengthen reserves.
Uncertain rules: DeFi regulation remains a significant unknown
The regulatory uncertainty is shaping up as the heaviest variable on confidence in the DeFi sector. S&P Global Ratings highlights how the absence of clear rules has impacted the “anchor rating” of Sky Protocol, lowering it to “bb”, which is a level below that of the main US banks.
In this context, the lack of a transparent regulatory framework hinders development and limits innovation, also discouraging institutional investors and complicating access to new capital.
Institutional sources highlight that by the end of 2025 new directives on DeFi regulation in Europe and the USA are expected, a key element for the future growth of the sector.
Why the first DeFi rating represents a crucial moment for the financial market
The assignment of a DeFi rating by S&P marks an unprecedented turning point: it brings decentralized finance closer to the established control criteria in the traditional financial sector. Even with a cautious judgment, this evaluation prompts operators and investors to reflect on the real security of the mechanisms, reserves, and governance of crypto platforms.
An interesting aspect is how ready other blockchain initiatives are to undergo similar formal checks. The message from S&P is clear: transparency will become an essential requirement even in the DeFi world.
Prospects and new standard: decentralized finance advances towards maturation
The approach of S&P establishes a new standard for the credit rating of decentralized lending protocols. With growing interest from institutional operators, the checks on liquidity risks, governance, and regulatory compliance will become increasingly rigorous. Further evaluations on other platforms and stablecoins are expected in this phase of rapid market adjustment.
According to several analysts, this evolution could drive a race towards higher levels of reliability, rewarding those protocols that can distinguish themselves for solidity and transparency. S&P Global highlights how the growing attention of institutional investors is pushing DeFi protocols to quickly adapt to traditional risk standards.
Where is DeFi going? The verdict of S&P fuels the debate
The judgment of S&P on Sky Protocol represents a fundamental milestone: it formalizes the importance of reliability even in systems without intermediaries, testing the concrete resilience of decentralized platforms against the criteria of the traditional financial system.
In a context where governance, capitalization, and regulations remain unresolved, the sector is preparing for an inevitable period of transition. The question remains open: will DeFi be able to evolve, or does it risk remaining on the sidelines without real progress on transparency?
