Today, @SkyEcosystem and its decentralized stablecoin USDS got a B- rating from S&P (@SPGlobal ) - the first time they rated any stablecoin issuer, centralized or decentralized. Some people are getting hung up on the B- because its not investment-grade yet when compared to established Tradfi issuances - that would be a big mistake. Any crypto stablecoin/smart contract system is expected to get a more conservative rating, because Defi carries unique technological and regulatory risks. The rating is very fair and there is now a clear and surprisingly accurate framework to improving it over time. This rating is a milestone for all Defi because it proves that decentralized protocols can meet the standards of major ratings agencies, paving the way for an adoption of crypto assets + issuers by existing Tradfi organizations.