Sky Dollar

USDS (the Sky Dollar) is a decentralized, US dollar-pegged stablecoin issued by Sky, the protocol formerly known as MakerDAO. USDS is the successor stablecoin to DAI: it runs on the same overcollateralized system and is backed by crypto collateral and tokenized real-world assets such as US Treasuries rather than by cash held at a bank. It converts with DAI at a fixed 1:1 rate with no fee. USDS launched in August 2024 alongside Sky's rebrand from MakerDAO, DAI continues to operate alongside it, though several centralized exchanges have moved balances to USDS. See how DAI and USDS compare.

USDS is issued natively on Ethereum, Base, and Solana—with most of its supply on Ethereum—and is governed by holders of Sky's SKY token. Holders can earn on USDS through the Sky Savings Rate: supplying USDS can return sUSDS, a yield-bearing token whose variable rate is set by Sky governance. USDS is used across DeFi for trading, lending, borrowing, and saving.