S&P Global awards Sky Protocol a "B -" rating, warning of centralization and liquidity risks

For the first time in the world, S&P has rated a stablecoin system and awarded Sky Protocol a "B -" due to risks such as governance centralization, deposit concentration, and low capital adequacy ratios. The report points out that founder Rune Christensen controls decision-making through governance tokens, resulting in deposit concentration or triggering runs, and weak capital reserve mechanisms. S&P warns that cybersecurity and DeFi regulatory uncertainty may pose a threat, and if there is insufficient liquidity or unfavorable regulation in the next 12 months, the rating may be downgraded. Improving governance and capital structure is expected to enhance ratings.