Moody's Ratings has assigned a rating to Sky Protocol, the first stablecoin protocol to receive a rating from the credit agency. Sky Protocol has become the first DeFi protocol rated by both Moody’s Ratings and S&P Global. Two independent assessments give institutional allocators established credit-rating frameworks to evaluate Sky Protocol’s financial position, operations and governance. Moody’s identified Sky Reserves as a central factor in its assessment. Reserve building remains a priority, supported by the strengthened Treasury Management Function and Stage 2 capital-allocation framework, with progress publicly trackable through the Financial Dashboard. We appreciate Moody’s rigorous review. Sky Governance and Sky Frontier Foundation are reviewing both agencies’ findings to inform the next steps toward stronger creditworthiness and long-term institutional adoption.