According to ChainCatcher, S&P Global Ratings on Oct. 1 affirmed a B- issuer credit rating for stablecoin protocol Sky Protocol and maintained a stable outlook.
S&P points to added complexity from the Prime Agent structure
S&P said Sky is expanding its Prime Agent ecosystem, previously referred to as Stars or subDAOs. Under that setup, semi-independent entities use Sky’s balance sheet for specialized investments within risk parameters set by governance.
The agency said those strategies include about $1 billion in over-the-counter crypto lending, which represents roughly 10% of the total assets backing USDS and DAI. It added that the structure also increases management and monitoring complexity.
Combined USDS and DAI supply reaches $9.5 billion
The combined supply of USDS and DAI increased from $7.7 billion in August 2025 to $9.5 billion.
As of Sept. 17, 2026, reserves were about $92 million, with a target of $150 million.
Asset mix shifts toward more conservative holdings
USDC and tokenized money market funds backed by Treasuries totaled about $4.92 billion, equivalent to around 50% of circulating USDS and DAI, up from 36% in August 2025.
At the same time, on-chain crypto lending fell to about 25% of the balance sheet, while over-the-counter crypto lending rose to about $1 billion.
Newly added assets included RLUSD, PYUSD and USDG, totaling about $392 million, as well as about $500 million in a tokenized fund that invests in AAA-rated CLO tranches.
Four Prime Agents account for about 65% of consolidated assets
As of September 2026, the four largest Prime Agents accounted for about 65% of consolidated assets. Spark made up 36%, Grove 24%, Obex 4% and Osero 1%.