Project
Decentralized finance protocol that issues the USDS stablecoin and the sUSDS savings token, governed by holders of the SKY token.
Sky disclosed more than $4.4 billion of aggregate PSM stablecoin liquidity on Oct. 9 for one-for-one USDS to USDC conversion. Any single USDS exit can draw only the USDC inventory on its own route.
Reality
Moody's rated Sky Protocol B3, its first stablecoin-protocol rating, citing about $90 million of equity behind roughly $10 billion of assets. That cushion is under 1%, well short of the 2.5% capital ratio Moody's set as its bar for an upgrade.
Perspective Coverage
3 publishersReality
S&P Global Ratings launched a letter-graded risk scale for on-chain lending vaults, a market that grew from $1.5 billion to $10 billion in two years. With no vault graded yet, the method matters first to curators, because S&P counts allocation caps coded into smart contracts as strong risk limits.
Perspective Coverage
4 publishersReality
Ondo, BlackRock and Securitize pitched OUSG for Sky's roughly $1 billion tokenization allocation, offering 24/7 redemptions capped at $25 million a day. Much of OUSG's money sat in BlackRock's BUIDL fund, so BlackRock manages the underlying Treasuries whether Sky chooses OUSG or BUIDL.
Reality
Galaxy Digital moved $100 million, about 4% of its cash and stablecoins, into Sky's sUSDS and opened the token as loan collateral. Galaxy already borrows from Sky's lending agents, so the purchase deepens a funding tie with its own creditor.
Reality