CoinMeta data: On October 7, 2026, Moody's rated the Sky protocol as B3 with a stable outlook, marking the first time the agency has rated a stablecoin protocol. This rating is important for institutional investors who may be cautious about USDS, as it provides a score from a second major rating agency for issuers of US dollar stablecoins. The Sky protocol is the only stablecoin protocol to have received ratings from both Moody's and S&P. The founder of Sky, Rune Christensen, holds 9% of the protocol's governance tokens, which S&P considers to be a significant influence on the future of Sky. The 0.4% risk-adjusted capital ratio and weak surplus buffer of Sky were marked by S&P as "significant weaknesses".