Moody’s Ratings assigned Sky Protocol a B3 counterparty risk rating on October 6, 2026. The accessible Moody’s listing confirms the grade, rating type, subject, and date, but does not provide the full rating action. It therefore does not establish Moody’s outlook, the specific obligations covered, or the agency’s reasons.
What Moody’s B3 rating establishes—and what it doesn’t
The official listing states: “Moody’s Ratings assigns B3 counterparty risk rating to Sky Protocol.” This is a Moody’s rating of Sky Protocol as a counterparty. The listing does not identify which specific obligations or entities are in scope, or provide the analysis behind the grade.
In practical terms, the B3 label is an agency assessment, not a guarantee about USDS maintaining its value, a prediction that Sky Protocol will fail, or a rating of every token and service in the ecosystem. Without the full action, readers cannot determine the rated scope or translate the grade into a specific conclusion about USDS holders.
| Agency and date | Rating type and subject | Grade and outlook | What the published material establishes |
|---|---|---|---|
| Moody’s Ratings, October 6, 2026 | Counterparty risk rating for Sky Protocol | B3; outlook not stated in the accessible listing | The listing confirms the rating type, subject, grade, and action date; it does not show the full rationale, rated obligations, or sensitivities. |
| S&P Global Ratings, August 7, 2025 | Issuer credit rating for Sky Protocol | B−; stable outlook | S&P’s analysis considered protocol liabilities, including USDS and DAI stablecoins and sUSDS and sDAI savings tokens. |
These are different agencies’ ratings, issued more than a year apart and described as different rating types. B3 and B− should not be treated as equivalent grades or directly compared without a sourced methodology. S&P’s stable outlook belongs to its 2025 rating; it does not establish Moody’s outlook or rationale.
Recommended Free Tools
#1 Best Overall
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
How the earlier S&P assessment differs
S&P’s 2025 report examined Sky Protocol’s issuer creditworthiness and described factors it viewed as constraints and mitigants. It cited concentrated depositors, transitional and centralized governance, reliance on the founder, regulatory uncertainty, and weak risk-adjusted capitalization as constraints. It also pointed to limited historical credit losses, modest earnings, and liquidity buffers as mitigating considerations.
Those are S&P’s published views, not Moody’s explanation for its B3 rating. S&P summarized its action by saying, “We therefore assigned our ‘B-‘ issuer credit rating to Sky.”
Rank #2
- READY IN 3 MINUTES – Set up your ELLIPAL X Card crypto wallet on the offline Starter device, then tap to the ELLIPAL mobile App and start using it. This 100% offline crypto wallet is a no battery crypto wallet with no charging, no firmware updates, and no complicated setup.
- TURN ANY WALLET INTO A CARD – Already have a wallet? Import your recovery phrase from MetaMask, Trust Wallet, Ledger, Trezor, or any compatible seed phrase wallet. X Card works as a backup wallet and physical twin of your existing bitcoin wallet, ethereum wallet, NFT wallet, or altcoin wallet — no transfers, no new accounts, no starting over.
- BUILT ON AN EAL6+ SECURE CHIP – Designed as a secure crypto wallet and private key wallet, X Card generates and stores your private keys inside the EAL6+ secure chip. Your keys never reach your phone, the App, USB, Bluetooth, or the internet, making it a true no bluetooth hardware wallet and no USB crypto wallet.
- ONE APP, EVERYTHING CRYPTO – Manage more with one cold storage wallet. Buy, sell, swap, send, spend, and earn across 45+ blockchains and 10,000+ tokens. Use X Card as your cryptocurrency wallet, coins and tokens wallet, DeFi wallet, and staking wallet for everyday crypto management.
- TAP TO CRYPTO – Carry your crypto cold wallet on a card and secure every transaction with one NFC tap. ELLIPAL X Card combines the simplicity of a crypto wallet with the protection of a cold storage hardware wallet.
What Sky Protocol, USDS, and sUSDS are
Sky Protocol evolved from MakerDAO and rebranded in August 2024. An issuer-related SEC filing describes USDS as a successor stablecoin to DAI, with 1:1 convertibility described in the filing. The protocol uses overcollateralized vaults and related modules to mint USDS and DAI, operates savings through sUSDS, and supports collateralized lending and on-chain settlement. SKY is the governance token.
The SEC filing reports that USDS and DAI supply together exceeded $10 billion as of June 30, 2026, citing data published by Sky Ecosystem Insights. That figure is a combined supply measure, not a figure for USDS alone.
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallRank #3
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
The filing also reports that, as of October 2, 2026, six Ranked Delegates held about 97.4% of delegated voting power, with the two largest holding about 64.4%. Delegated voting power accounted for substantially all voting power exercised in recent governance votes. These governance figures provide context about decision-making concentration; they are not stated as Moody’s rating factors.
What the reported institutional deployments show
In a June 2026 update, Sky Frontier Foundation reported that more than $5.5 billion had been deployed through Sky Agents into instruments and platforms. Its reported allocations included:
Rank #4
- OFFLINE PRIVATE KEY STORAGE – Keeps your private keys isolated from internet-connected devices, helping reduce exposure to online risks while giving you greater control over your cryptocurrency assets.
- BLUETOOTH AND USB-C CONNECTION – Connect to a compatible smartphone through Bluetooth or use a USB-C cable with a computer for convenient asset management at home or on the go.
- SUPPORTS MULTIPLE CRYPTOCURRENCIES – Manage Bitcoin, Ethereum and a wide range of other supported cryptocurrencies and tokens through compatible wallet applications.
- COMPACT AND EASY TO OPERATE – The portable design, built-in display and physical buttons allow you to review and confirm transaction details directly on the device.
- CONTACT US ANYTIME – If you have any questions about the product before purchasing or need assistance after receiving it, please contact us through Amazon at any time. We will be happy to assist you.
| Organization named in the Foundation update | Reported allocation |
|---|---|
| Janus Henderson | $1.24 billion |
| BlackRock/BUIDL | $713 million |
| Anchorage | $260 million |
| PayPal | $236 million |
| Securitize | $102 million |
| Galaxy | $27 million |
These are figures reported by Sky Frontier Foundation, not an audited independent verification of each allocation. They describe activity through Sky Agents; they do not establish that every named institution directly bought or holds USDS, or that any of them endorsed USDS. The Foundation also cautions that sUSDS holders do not thereby gain a claim on specific Agents, instruments, or their revenues. The Foundation describes its content as that of an independent foundation, not official protocol documentation or the views of Sky Ecosystem.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Other Foundation-reported growth figures
The Foundation’s June 2026 update reported USDS supply of $10.04 billion at month end, up 96.9% year over year. It also reported sUSDS deposits up 85% year over year from $3.4 billion in June 2025, and $44.1 million in total value locked during the first month of a Pendle fixed-yield product for sUSDS. The report characterized that product figure as a sign of early institutional demand; that characterization is the Foundation’s, not an independently established conclusion.
Best Value
- EAL5+ CERTIFIED SECURE ELEMENT + FINGERPRINT PROTECTION — Your private keys stay encrypted offline on a certified EAL5+ chip, the same security tier used in EMV bank cards. Built by DCENT, securing crypto since 2018. Fingerprint authentication adds a second layer no PIN-only wallet can match.
- 10,000+ ASSETS NATIVE ON 100+ BLOCKCHAINS — Hold Bitcoin, Ethereum, XRP, Solana, Cardano, popular stablecoins (USDT, USDC), and NFTs in one wallet. No third-party apps, no fragmented setup — every supported asset works straight out of the box.
- TAP-TO-SIGN MOBILE EXPERIENCE — Pair your wallet with the DCENT mobile app over Bluetooth. Manage tokens, review transactions, and access in-app swap features directly from your phone — no cables, no desktop required.
- WEB3 & dAPP ACCESS VIA METAMASK — Connect to MetaMask and other browser extension wallets to manage NFTs, claim airdrops, and access dApps. A large screen and intuitive 4-button interface keep every transaction clearly visible before you sign.
- SEAMLESS FIRMWARE UPDATES & 30-DAY MONEY-BACK GUARANTEE — Apply security updates without resetting your wallet or migrating funds. Backed by Amazon's 30-day money-back guarantee — your purchase is risk-free.
In its Q1 2026 report summary, the Foundation reported quarter-end USDS supply of $11.70 billion, protocol collateral of $13.03 billion, and sUSDS of $6.49 billion. For Q1, it reported gross protocol revenue of $123.79 million and net protocol surplus of $46.04 million. These figures are Foundation-reported ecosystem metrics, not Moody’s findings. The Foundation explicitly says its content does not constitute official protocol documentation or Sky Protocol’s views.
What readers still need from Moody’s full action
The accessible Moody’s listing does not answer several questions that matter when interpreting a credit rating in relation to Sky Protocol or USDS:
- Rated scope: which obligations, activities, or counterparties Moody’s assessed.
- Outlook: whether Moody’s assigned one and, if so, what it indicates.
- Rationale: the risks, protections, and assumptions behind the B3 grade.
- Sensitivities: the conditions Moody’s says could lead to a rating change.
Until those details are available, the confirmed Moody’s action is a B3 counterparty risk rating for Sky Protocol dated October 6, 2026. The separate S&P assessment and the Foundation’s deployment and growth figures add context, but none supplies Moody’s missing analysis.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
