ChainCatcher news, S&P Global Ratings confirmed on October 1 that the issuer credit rating of the stablecoin protocol Sky Protocol is B-, with a stable outlook. According to S&P, Sky promotes the Prime Agent ecosystem (formerly Stars or subDAO), including strategies such as over-the-counter lending with a scale of approximately US$1 billion, accounting for approximately 10% of the total assets supporting USDS and DAI; these semi-independent entities use Sky’s balance sheet to make special investments within the risk parameters set by governance, while increasing the complexity of management and monitoring.
The combined supply of USDS and DAI will increase from $7.7 billion in August 2025 to $9.5 billion. Reserves were approximately $92 million as of September 17, 2026, against a target of $150 million. Stable assets USDC and tokenized money market funds with treasury bonds as the underlying total approximately US$4.92 billion, accounting for approximately 50% of the circulating USDS and DAI, up from 36% in August 2025. On-chain crypto lending fell to about 25% of the balance sheet, and off-exchange crypto lending increased to about $1 billion. Newly included assets include RLUSD, PYUSD and USDG totaling approximately US$392 million, as well as approximately US$500 million in tokenized funds investing in AAA CLO shares.
As of September 2026, the four largest Prime Agents account for approximately 65% of combined assets, with Spark accounting for 36%, Grove accounting for 24%, Obex accounting for 4%, and Osero accounting for 1%.