Moody's Assigns First Stablecoin Protocol Rating to Sky Protocol
Sky Frontier Foundation announced that Moody’s Ratings has assigned a B3 issuer rating with a stable outlook to Sky Protocol, marking the first time any stablecoin protocol has received such a rating from Moody's. This follows S&P Global Ratings' recent assignment of a corroborated B- rating, making Sky Protocol the only stablecoin platform rated by both major credit agencies. The ratings were independently assessed using separate processes and criteria, providing institutional investors with reliable benchmarks to evaluate Sky’s creditworthiness. The ratings reflect Moody's emphasis on Sky Reserves as a key factor in its assessment. To build these reserves, Sky Governance has implemented a Stage 2 buyback framework that allocates part of the Net Protocol Revenue toward reserve growth. Real-time metrics are publicly accessible for transparency and accountability. The Foundation aims to increase capital ratios over time with an ultimate goal of achieving investment-grade ratings. Greg Feibus, Global Head of Capital Markets at Sky Frontier Foundation, emphasized the importance of independent credit assessments in helping institutional investors evaluate stablecoins using familiar frameworks. Both Moody's and S&P have outlined factors that could lead to higher creditworthiness for Sky Protocol, which are currently under review by governance teams.
