S&P Global Ratings has published its annual review assessment of Sky Protocol. Over the past year, Sky Ecosystem has strengthened its Treasury Management Function, expanded financial reporting into a more transparent framework, continued raising its capital reserves, and applied a more disciplined capital-allocation framework. S&P’s updated rationale and stable outlook provides another independent view of that progress and the work ahead. Reserve building does not stop at the current target. It will continue as the protocol grows. We thank S&P for its continued, rigorous review. Sky Ecosystem remains focused on strengthening financial resilience, transparency and risk management to meet the demands of institutional capital.