Moody’s Gives Sky Protocol B3 Rating Amid Thin Capital Buffer

Moody’s assigned Sky Protocol a B3 counterparty risk rating, highlighting a thin equity cushion relative to the $10 billion in assets it manages and placing the stablecoin protocol in the speculative-grade category.

Sky has roughly $90 million in equity, equal to about 0.9% of its managed assets. The gap between the protocol’s capital base and the assets under management puts its financial buffer at the center of the credit assessment.

The rating carries a stable outlook, indicating that Moody’s does not currently expect a near-term change in the rating. B3 is within the speculative-grade range, signaling elevated credit risk compared with investment-grade ratings.

The rating places Sky’s capital cushion in focus as part of the protocol’s credit assessment.