Moody's Ratings has assigned Sky Protocol a long-term counterparty risk rating of B3, with a stable outlook. This rating is considered speculative grade, indicating relatively high credit risk. Moody's disclosed that as of September 2026, Sky has approximately $90 million in tangible common equity, corresponding to $10 billion in tangible assets under management, with a capital ratio of about 0.9%. The capital scale is the main weakness of the rating. The rating agency also noted that Sky has a history of low credit losses, solid profitability, and a high proportion of liquid assets, but operational, governance, legal, and regulatory risks continue to limit the rating. If losses exceed available capital, Sky would need to issue additional equity and attempt to sell governance tokens. If these mechanisms are insufficient, USDS and DAI would face write-downs. Moody's stated that if the capital ratio rises and is expected to remain above 2.5% of tangible assets under management, along with other financial conditions remaining stable, Sky could see a rating upgrade. (The Defiant) https://(wublock123.com)/news/moodys-rates-sky-protocol-b3-capital-buffer-thin-69669