S&P Global Ratings affirmed the issuer credit rating of stablecoin protocol Sky Protocol at B- with a stable outlook on October 1. According to ChainCatcher, S&P said Sky is expanding its Prime Agent ecosystem, formerly known as Stars or subDAO, including about $1 billion in over-the-counter lending strategies that account for roughly 10% of the assets backing USDS and DAI.

The agency said these semi-independent entities use Sky’s balance sheet for targeted investments within governance-set risk parameters, but they also add management and monitoring complexity. Combined USDS and DAI supply rose from $7.7 billion in August 2025 to $9.5 billion.

As of September 17, 2026, reserves were about $92 million, with a target of $150 million. Stable assets such as USDC and tokenized money market funds backed by U.S. Treasuries totaled about $4.92 billion, or roughly 50% of circulating USDS and DAI, up from 36% in August 2025.

On-chain crypto lending fell to about 25% of the balance sheet, while over-the-counter crypto lending increased to about $1 billion. Newly included assets comprised about $392 million in RLUSD, PYUSD, and USDG, along with a tokenized fund investing in AAA-rated CLO tranches worth about $500 million.

As of September 2026, the four largest Prime Agents accounted for about 65% of combined assets, led by Spark at 36%, Grove at 24%, Obex at 4%, and Osero at 1%.