Moody's Assigns First Stablecoin Credit Rating to Sky Protocol
Sky Protocol receives a B3 issuer rating with stable outlook from Moody's, marking a milestone in stablecoin credit assessment.
Sky Protocol receives a B3 issuer rating with stable outlook from Moody's, marking a milestone in stablecoin credit assessment. USDS (USDS) is trading at $0.9991. This is an original TLT brief synthesising 3 outlets (Bitcoin.com, TronWeekly, The Block), plus live market data, as of Thu, 08 Oct 2026 00:00:06 UTC.
This development signifies the growing institutional scrutiny of stablecoin protocols and their financial stability, with potential implications for investor confidence and regulatory oversight.
- Moody's assigns Sky Protocol a B3 issuer rating with stable outlook.
- Sky's tangible equity ($90M) is significantly lower than its managed assets ($10B).
- S&P previously rated Sky B-, indicating a similar risk assessment by major agencies.
Bitcoin.com, TronWeekly, and The Block all report that Moody's has assigned Sky Protocol a B3 issuer rating with a stable outlook, marking the agency's first rating of a stablecoin protocol. The outlets agree on the key figures of $90 million in tangible common equity and approximately $10 billion in tangible managed assets as of September. However, TronWeekly and The Block both mention that Sky Protocol also holds a B- rating from S&P Global Ratings, a detail not emphasized in Bitcoin.com's coverage.
Moody's has issued its first-ever credit rating for a stablecoin protocol, assigning a B3 issuer rating with a stable outlook to Sky Protocol. This decision marks a significant step in the institutional evaluation of stablecoin projects, reflecting the growing interest from traditional financial assessment agencies.
The rating comes with a notable caveat: as of September, Sky Protocol held only about $90 million in tangible common equity against roughly $10 billion in tangible managed assets. This disparity highlights the potential risks associated with the protocol's financial structure, as reported by 
Bitcoin.com and corroborated by other outlets.
TronWeekly and The Block both note that Sky Protocol has already received a B- rating from S&P Global Ratings, indicating a similar risk assessment by another major credit agency. This additional rating further underscores the protocol's position in the evolving landscape of stablecoin evaluations.
The 
USDS stablecoin, associated with Sky Protocol, has a circulating supply of $7.09 billion according to DeFiLlama, while its market cap stands at $10.2 billion with a current price of $0.999084. Despite the stable outlook from Moody's, the broader crypto market remains in a downturn, with Bitcoin down 2.73% in the last 24 hours and the overall market cap at $2.9 trillion.
The Moody's rating could influence investor perceptions of Sky Protocol and potentially impact the stablecoin market's dynamics. As regulatory scrutiny intensifies, the financial stability and creditworthiness of stablecoin projects will likely remain under close watch. Market participants should monitor how this rating affects Sky Protocol's standing and whether other stablecoin projects seek similar assessments.
Since this brief published about 4 hours ago, USDS (USDS) has moved from $0.9991 to $0.9991 — -0.00%.
The chart plots USDS's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDS ≈ ₦1,364.35 (about $0.9991), down 0.1% over 24 hours. The naira itself trades about 2.8% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 7, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Moody's Assigns First Stablecoin Credit Rating to Sky Pr — questions & answers
What is Sky Protocol's credit rating from Moody's?
Sky Protocol has received a B3 issuer rating with a stable outlook from Moody's.
How does Sky Protocol's equity compare to its assets?
Sky Protocol has $90 million in tangible common equity against $10 billion in tangible managed assets.
Has Sky Protocol received other credit ratings?
Yes, S&P Global Ratings previously assigned Sky Protocol a B- rating.
How much is 1 USDS worth in naira today?
About ₦1,364.35 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9991. The naira price moves with both USDS's US-dollar price and the USDT/NGN rate; use our USDS in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Bitcoin.com, TronWeekly, The Block, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.