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Moody’s Ratings assigned Sky Protocol a B3 counterparty risk rating on October 6, 2026. The accessible Moody’s listing confirms the grade, rating type, subject and date, but does not provide the full rating action, including its rationale, outlook or the specific obligations covered. Separately, Sky Frontier Foundation has reported substantial activity through Sky Agents; those ecosystem figures do not establish that every named institution directly holds USDS or endorses it.
What Moody’s announced—and what remains unknown
Moody’s official listing is titled “Moody’s Ratings assigns B3 counterparty risk rating to Sky Protocol” and is dated October 6, 2026. That establishes that Moody’s assigned a B3 rating described as a counterparty risk rating to Sky Protocol on that date. It does not, on the accessible listing, establish the rating’s outlook, the exact entities or obligations within its scope, the agency’s analysis, or the factors that could lead to a rating change.
Those missing details matter. A grade without the full action cannot tell readers which risks Moody’s emphasized or how it assessed any particular token, liability or part of the protocol. In particular, the listing does not establish a Moody’s rating specifically for USDS. The rating should not be treated as a guarantee that USDS will maintain its intended value or that holders can redeem it under every circumstance.
How Moody’s action differs from S&P’s earlier rating
S&P Global Ratings published a separate assessment on August 7, 2025: a B− issuer credit rating for Sky Protocol with a stable outlook. S&P wrote, “We therefore assigned our ‘B-‘ issuer credit rating to Sky.” Its analysis considered the creditworthiness of protocol liabilities, including USDS and DAI stablecoins and sUSDS and sDAI savings tokens. Moody’s B3 counterparty risk rating and S&P’s B− issuer credit rating are different agencies’ actions, with different labels and dates. The available information does not provide a basis to convert their grades or treat them as equivalent.
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| Comparison | Moody’s Ratings | S&P Global Ratings |
|---|---|---|
| Action date | October 6, 2026, according to Moody’s official listing | August 7, 2025, according to S&P’s published analysis |
| Rating type and grade | B3 counterparty risk rating, as described in the listing | B− issuer credit rating |
| Outlook | Not stated in the accessible Moody’s listing | Stable |
| Scope described | Sky Protocol; specific covered obligations are not stated in the accessible listing | S&P considered protocol liabilities including USDS, DAI, sUSDS and sDAI |
| Published risk factors | Not stated in the accessible Moody’s listing | S&P cited concentrated depositors, transitional and centralized governance, founder reliance, regulatory uncertainty and weak risk-adjusted capitalization as constraints. It also cited limited historical credit losses, modest earnings and liquidity buffers as mitigating considerations. |
| Source of the action | Moody’s official rating listing | S&P Global Ratings institutional rating analysis |
S&P’s identified constraints and mitigating considerations belong to its 2025 analysis; they are not Moody’s stated rationale. Until Moody’s full action is available, readers cannot tell whether the agency reached similar conclusions or assessed different issues.
Where USDS fits in Sky Protocol
Sky Protocol evolved from MakerDAO and rebranded in August 2024. USDS launched as a successor stablecoin to DAI, and an SEC filing describes 1:1 convertibility between them. The same filing describes a system that uses overcollateralized vaults and related modules to mint USDS and DAI, offers savings through sUSDS, supports collateralized lending and provides on-chain settlement. SKY is the protocol’s governance token. These are descriptions in an issuer-related filing, not an independent assessment of the system’s credit risk.
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The SEC filing, citing data published by Sky Ecosystem Insights, reported combined USDS and DAI supply above $10 billion as of June 30, 2026. It also reported that, as of October 2, 2026, six Ranked Delegates held about 97.4% of delegated voting power, with the two largest holding about 64.4%; delegated voting power accounted for substantially all voting power exercised in recent governance votes. These dated figures describe supply and governance concentration, not the rationale behind Moody’s rating.
What the institutional deployment figures do—and do not—show
Sky Frontier Foundation’s June 2026 update reported more than $5.5 billion deployed through Sky Agents into instruments and platforms, and listed the following allocations:
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| Institution or platform named in the Foundation update | Reported allocation |
|---|---|
| Janus Henderson | $1.24 billion |
| BlackRock/BUIDL | $713 million |
| Anchorage | $260 million |
| PayPal | $236 million |
| Securitize | $102 million |
| Galaxy | $27 million |
These are figures published by Sky Frontier Foundation, not an independent audit or verification of each allocation. The Foundation says the figures describe protocol and ecosystem activity; they do not give sUSDS holders a claim on specific Agents, instruments or revenues. The list therefore should not be read as proof that each named firm directly bought or holds USDS, or as an endorsement of the stablecoin.
The Foundation’s June 2026 update also reported USDS supply of $10.04 billion at that month’s end, up 96.9% year over year; sUSDS deposits up 85% year over year from $3.4 billion in June 2025; and $44.1 million in total value locked during the first month of a Pendle fixed-yield product for sUSDS. The update characterized the Pendle figure as a sign of early institutional demand. That interpretation is the Foundation’s, not an independently established conclusion. The Foundation states that its content is published by an independent foundation and does not constitute official protocol documentation or the views of Sky Ecosystem.
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In a separate Q1 2026 report summary, the Foundation reported quarter-end USDS supply of $11.70 billion, protocol collateral of $13.03 billion and sUSDS of $6.49 billion. It also reported gross protocol revenue of $123.79 million and net protocol surplus of $46.04 million for that quarter. These figures add context about reported scale and activity, but the Foundation’s own content caveat applies: its publications are not official protocol documentation or an independent rating analysis.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to look for in Moody’s full rating action
The full Moody’s action is needed to answer the questions the listing leaves open. If it becomes available, readers should check:
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- Rated scope: which entity, counterparties, instruments or obligations the B3 rating covers—and whether USDS or related liabilities are included.
- Outlook and sensitivities: whether Moody’s states an outlook and what developments could support an upgrade or lead to a downgrade.
- Rationale: which financial, operational, governance, liquidity or other factors Moody’s actually cites, rather than assuming it adopted S&P’s earlier analysis.
- Timing and definitions: the effective date, any relevant definitions and how the agency describes the rating’s purpose and limitations.
For now, the confirmed Moody’s action is a B3 counterparty risk rating for Sky Protocol dated October 6, 2026. The accessible listing does not support a more detailed conclusion about Moody’s view of USDS or the risks behind the grade.
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