[Sky Protocol Receives Moody's First Stablecoin Protocol Rating, Manages Approximately $10 Billion in Assets but Holds Only $90 Million in Equity] Odaily Planet Daily News: Decentralized Finance (DeFi) protocol Sky Protocol has been assigned a B3 long-term counterparty risk rating with a stable outlook by credit rating agency Moody’s. This marks Moody’s first-ever rating for a stablecoin protocol. As of September, Sky Protocol holds approximately $90 million in tangible common equity, corresponding to roughly $10 billion in tangible managed assets. Moody’s described its capital position as a 'significant credit weakness.' Sky Protocol, formerly known as MakerDAO, manages USDS and DAI, both pegged to the US dollar. Moody’s noted that approximately 45% to 50% of Sky Protocol’s assets consist of stablecoins and tokenized money market funds, while another 25% is made up of crypto-backed loans. The rating is constrained by factors such as low capital adequacy, confidence-sensitive stablecoin liabilities, and risks associated with its DAO structure. The rating could be upgraded if the capital ratio rises and remains above 2.5%, while profitability, liquidity, and asset risk remain stable. Conversely, the rating could be downgraded if the capital ratio falls below 0.5%, consecutive quarterly losses occur, or liquidity weakens. (Bitcoin.com News)