CryptoMedium•7 October 2026•
1 min read
Moody's Assigns B3 Rating to Sky Protocol, Citing Thin Capital Buffer
Key Facts
1Moody's assigned a B3 rating to Sky Protocol, placing it in the speculative-grade category.
2Moody's noted the protocol has approximately $90 million in equity supporting $10 billion in managed assets.
Moody's assigned a B3 rating to Sky Protocol, formerly known as MakerDAO, placing the project in the speculative-grade category. The credit rating agency stated on October 7, 2026, that the grade reflects elevated credit risks associated with the protocol's financial structure.
Moody's noted the protocol holds approximately $90 million in equity to support $10 billion in managed assets, representing a capital buffer of less than 1% of total assets. This follows a B- rating assigned to the protocol by S&P Global earlier in October 2026, making Sky the first stablecoin protocol to carry ratings from two major global agencies.