S&P Global has assigned a 'B-' credit rating to Sky Protocol, the decentralized finance (DeFi) protocol formerly known as Maker Protocol. This marks the first time a major credit rating agency has evaluated and rated a DeFi protocol, a significant step in bridging traditional finance and the digital asset space. The rating provides a benchmark for institutional investors, potentially unlocking greater participation in DeFi.

The 'B-' rating, with a stable outlook, places Sky Protocol's creditworthiness in a similar category to some sovereign debt, providing a familiar metric for risk assessment. This move by S&P Global signals a growing recognition of the DeFi sector's importance and the need for standardized evaluation frameworks. The rating could pave the way for more DeFi protocols to seek credit ratings, enhancing transparency and credibility across the ecosystem.