News

According to 8marketcap data reported by Jinse Finance, Ethereum (ETH) has reached a market capitalization of $475.7 billion, surpassing the Vanguard Total International Stock ETF and rising to 27th place among global assets by market value.

According to ChainCatcher, as reported by The Block, S&P Global has assigned a “B-” credit rating to USDS issuer Sky Protocol, marking the first time the agency has issued a credit rating for a stablecoin system. The report notes that although Sky has maintained stable profitability since 2020 and has kept losses under control during various market fluctuations, there are three major risks: founder Rune Christensen effectively controls protocol decisions through 9% of governance tokens (with low voter turnout exacerbating centralization), the concentration of large depositors could trigger a bank run, and the risk-adjusted capital ratio of 0.4% along with a weak static surplus reserve mechanism. S&P specifically emphasized that cybersecurity risks associated with smart contract asset storage and regulatory uncertainty in DeFi pose potential threats. Over the next 12 months, if Sky experiences liquidity shortages, excessive losses in crypto lending, or unfavorable regulatory developments, the rating may be downgraded. S&P believes that in the long term, addressing issues of governance centralization, capital adequacy, and deposit concentration could lead to an improved rating.