Moody's has rated a stablecoin protocol for the first time, giving Sky, the former MakerDAO, a B3. The agency credited its record on losses and the liquidity of its assets, then pointed to roughly $90m of equity standing behind about $10bn of them.
Drift's April hack victims can now trade their losses as a token. Burned for cash, each dollar lost returns just over a cent. In the market it fetches about 3.7 cents. Buyers are paying for money that has not arrived, most of it promised by Tether and tied to an exchange that has so far paid 38 USDT into the pool.
Blast, the Ethereum layer 2 that drew more than $2bn before it launched, is shutting down because running it costs more than it earns. Its users paid $3.66m in fees in June 2024. In August this year they paid $1,061.
Permissioned pools, verified counterparties, and insured custody are producing versions of decentralized finance that compliance departments can approve.