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first_img Sky Protocol received a S&P B- rating, with a reserve target of 150 million USD and a stable asset ratio of 50%

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. S&P stated that Sky is advancing the Prime Agent ecosystem (formerly Stars or subDAO), which includes strategies such as over-the-counter lending with a scale of approximately $1 billion, accounting for about 10% of the total assets supporting USDS and DAI; these semi-independent entities use the Sky balance sheet for specialized investments within the risk parameters set by governance, while increasing management and monitoring complexity.The total supply of USDS and DAI increased from $7.7 billion in August 2025 to $9.5 billion. As of September 17, 2026, reserves are approximately $92 million, with a target of $150 million. Robust assets USDC and tokenized money market funds backed by government bonds total approximately $4.92 billion, accounting for about 50% of circulating USDS and DAI, up from 36% in August 2025. On-chain crypto lending has decreased to about 25% of the balance sheet, while over-the-counter crypto lending has increased to approximately $1 billion. Newly included assets include RLUSD, PYUSD, and USDG totaling approximately $392 million, as well as a tokenized fund investing in AAA-rated CLO shares of about $500 million.As of September 2026, the four major Prime Agents account for approximately 65% of the combined assets, with Spark accounting for 36%, Grove for 24%, Obex for 4%, and Osero for 1%.

first_img Tether's USDT will return to the Bitcoin network this month

According to CoinDesk, Tether's USDT will return to the Bitcoin network this month, issued through the Tether-supported infrastructure project Utexo.With a market capitalization of nearly $190 billion, USDT is the largest stablecoin in the world, originally launched on the Bitcoin Omni protocol in 2014, and later Ethereum and Tron became its main issuance networks. Tether CEO Paolo Ardoino stated on X last week, "It's home."Utexo was established in 2025 and completed a $7.5 million financing round earlier this year, led by Tether, and has obtained a commercial license to issue USDT on Bitcoin.Utexo uses the RGB protocol with client-side validation, keeping most transaction data off the Bitcoin public ledger, with ownership anchored on UTXO. Unlike the account models of Ethereum and Tron, transaction details are fully preserved off-chain between the two parties, with the Bitcoin ledger used solely for cryptographic proof of ownership.Utexo offers three main use cases: private USDT transfers, direct exchanges between native BTC and USDT, and lending with native Bitcoin as collateral, without the need for cross-chain wrapping like WBTC.Since RGB assets are ultimately anchored to Bitcoin UTXO, Utexo cannot freeze assets like Tether can freeze Ethereum addresses, but instead maintains a blacklist of UTXO related to sanctioned or illegal activities and distributes it to exchanges and other institutions, making these UTXO non-redeemable.
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