Moody's Ratings Assigns First Issuer Rating to Sky Protocol

GRAND CAYMAN, Cayman Islands, October, 7 2026 - Sky Frontier Foundation announced today that Moody's Ratings has assigned Sky Protocol a B3 issuer rating with a stable outlook. It is the first rating Moody's has issued on any stablecoin protocol. Following S&P Global Ratings' corroborated B- rating in recent weeks, Sky Protocol is so far the only stablecoin protocol that has been formally rated by the major credit rating agencies.

Moody's and S&P Global Ratings ran separate processes, with their own teams and their own criteria, and arrived at independent assessments of Sky Protocol's credit profile. Two independent ratings allow institutional allocators to assess Sky Protocol using established credit-rating scales, a standard no other stablecoin protocol meets today.

Obtaining a formal credit rating is part of the wider strategy at Sky Protocol to grow Sky Reserves, and evidence that the protocol’s operations and governance processes have been subject to an in-depth review by an independent and objective assessor. 

Moody's identified the level of Sky Reserves as a central factor in its assessment, a view the Foundation shares. Sky Governance strengthened the protocol’s Treasury Management Function and moved to a Stage 2 buyback and reserves framework under which the protocol retains a portion of Net Protocol Revenue to build Sky Reserves toward a governance-set minimum target. Building those reserves takes time and remains a priority. Real-time metrics are publicly available at https://financial.skyeco.com/capital/management. 

“We appreciate the rigor that Moody’s brought to its review of Sky Protocol and the independent assessment it has provided,” said Greg Feibus, Global Head of Capital Markets, Sky Frontier Foundation. “The value of independent credit ratings is that they allow institutional investors to assess Sky through frameworks they already use across global markets. Having multiple independent assessments gives institutional investors a clearer and more comparable view of Sky’s credit profile. We recognize the considerations Moody’s identified and remain focused on supporting efforts to raise the level of Sky Reserves.”

Both Moody's and S&P Global have set out the factors that would support a higher credit-worthiness for Sky Protocol. Sky Governance and Sky Frontier Foundation are reviewing those factors, and the resulting next steps will be published as part of the roadmap in the near future. Meeting a higher capital ratio over time is a Sky Governance objective, and the protocol's long-term ambition is an investment-grade rating.

For more information on Moody’s Rating, view the full report here.

About Sky Ecosystem

Sky Protocol is a global capital allocation protocol powering the governance-set Sky Savings Rate and backed by diversified collateral. The Sky Agent Network is an independent network of capital allocators that compete to access USDS liquidity under governance-set risk parameters and deploy it across diversified strategies. Income from these deployments contributes to Sky Protocol revenue, and Sky Governance sets the adjustable Sky Savings Rate, accessible through sUSDS, the world's largest stablecoin savings token. To learn more, visit skyeco.com.

Legal Notice and Forward-Looking Statements

The analyses, characterizations, and views reflected in this press release, unless otherwise attributed, are those of Sky Frontier Foundation (“SFF” or “the Foundation”) as of the date of publication, are judgment-based, and may change without notice. They do not constitute legal opinions, regulatory determinations, or guarantees of outcome, and should not be relied upon as a substitute for independent analysis or professional advice.

This press release is provided for general informational purposes only and does not constitute legal, financial, investment, tax, or other advice. Nothing in this press release is intended as, or should be construed as, an offer, solicitation, or recommendation to buy or sell any token, security, or other financial instrument. SFF is an independent entity and does not control the Sky Protocol or its DAO governance processes; decentralized governance decisions and protocol outcomes are outside SFF’s control, and no statement in this press release should be interpreted as a commitment by the protocol’s community or governance.

This press release contains forward-looking statements that are inherently uncertain and not guarantees of future performance. Actual results and events may differ materially due to risks and factors outside SFF’s control, including market volatility, regulatory developments, and decisions made through decentralized governance. Readers are cautioned not to place undue reliance on forward-looking statements, and SFF undertakes no obligation to update them. All information is provided “as is” without warranty of any kind.

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Contact

Sky Frontier Foundation Media Contact: press@skyfrontier.co