The Sky protocol's dollar token that DAI holders are migrating into.
Live market data
CoinGecko data; may be delayed.
No declared max supply: no FDV is computable, supply follows demand.
100.0% of the achievable supply is already circulating.
$1.06 -5.44% · Oct 28, 2024
Source: CoinGecko, snapshot of Sep 13, 2026. Figures may be delayed.
Source: DefiLlama, data as of · Revenue is not reported by every protocol.. Figures are informational, not financial advice.
USDS is the Sky protocol's stablecoin, introduced when MakerDAO rebranded as Sky. It is upgradeable-to-and-from DAI 1:1 and inherits Maker's collateral engine while adding rewards mechanics that pay savings rate to holders who stake it. Analytically it is the same overcollateralized design with a growth mandate: the protocol is spending incentives to move its user base onto the new token.
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USDS is Sky's upgraded stablecoin, freely convertible 1:1 with DAI and backed by the same vault and PSM machinery. Its defining feature is the Sky Savings Rate: depositing USDS into sUSDS accrues a variable yield paid from protocol revenue rather than from inflation of the peg asset.
Dollar settlement with optional staking rewards
Upgrade target for DAI holders
Protocol revenue — stability fees, PSM spreads and real-world-asset interest — funds the savings rate and SKY staking rewards; the spread between revenue and rewards is ecosystem surplus. USDS holders capture value through the savings rate, not through the token itself.
USDS is minted 1:1 from DAI upgrades or by borrowers against collateral, and burned on redemption, so supply tracks net demand. Savings accrual changes the value of sUSDS, not the number of USDS tokens.
SKY holders govern through the Atlas constitution and scope-based committees that handle parameters, collateral and product scopes, with elected delegates and emergency circuits that can pause modules. The structure is deliberately more process-bound than classic one-token-one-vote.
Rewards spending depends on protocol revenue, which fell with rate cuts
Same real-world-asset collateral exposure as late-period Maker
Brand split between DAI and USDS fragments liquidity and attention
No. It is a variable rate funded by protocol revenue and set by governance; it can fall toward zero if revenue drops or governance changes priorities. Treating it as fixed income is the most common analytical mistake around USDS.
USDS unlocks savings-rate eligibility and integrates with Sky's staking engines and reward distribution, which plain DAI never did. Backing is unchanged, so the upgrade is about product access rather than collateral risk.
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Serves a comparable role, so the two are worth reading side by side.
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Adjacent asset in the same research context.
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Serves a comparable role, so the two are worth reading side by side.
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