Sky Protocol Retains B- Rating as Stablecoin Supply Reaches $9.5 Billion

Sky Protocol’s issuer credit rating was affirmed at B- with a stable outlook on Oct. 1, as its stablecoin supply grew and USDC and Treasury-backed funds totaled about half of that supply.

USDS and DAI supply reached $9.5 billion, up from $7.7 billion in August 2025. Sky’s reserves stood at about $92 million as of Sept. 17, 2026, compared with a $150 million target.

USDC and tokenized money-market funds backed by U.S. Treasury securities totaled about $4.92 billion, or roughly 50% of USDS and DAI in circulation. That share was 36% in August 2025. On-chain crypto lending fell to about 25% of the balance sheet, while off-chain crypto lending grew to about $1 billion.

As of September 2026, Prime Agents accounted for about 65% of combined assets. Spark represented 36%, Grove 24%, Obex 4% and Osero 1%. The agents use protocol assets for specialized investments within risk limits set by Sky’s governance, adding complexity to management and monitoring.

Sky also included about $392 million in RLUSD, PYUSD and USDG, along with roughly $500 million in a tokenized fund investing in AAA-rated collateralized loan obligation tranches.

The reserve balance was $82.5 million in June, equal to 55% of the same $150 million target. In June, Sky’s USDS supply reached $10.04 billion as of June 30.