USDS, also known as Sky Dollar, is a decentralized stablecoin by Sky Protocol, maintaining a soft peg to the U.S. dollar and backed by surplus collateral.
Key Data
| Backing | Over-collateralized with a diverse mix of crypto assets, stablecoins, and tokenized real-world assets. |
| Redemption | Direct redemption through the issuer is not available; users can exit via DEXs, secondary markets, OTC desks, DEX liquidity pools, or peer-to-peer transactions. |
| Peg Currency | USD |
| Launched | 2024 |
Supported Networks
Use Cases
USDS, introduced by Sky Protocol in September 2024, is a decentralized stablecoin that serves as an evolution of MakerDAO's DAI. It maintains a soft peg to the U.S. dollar and is backed by surplus collateral.
USDS is over-collateralized with a diverse mix of crypto assets, stablecoins, and tokenized real-world assets, with a significant portion of its collateral comprising ETH tokens.
The stablecoin is backed by a diverse mix of crypto assets, stablecoins, and tokenized real-world assets, ensuring its stability and reliability.
Recent Activity
- —Our coverageStablecoin Recap Jun 29–Jul 6, 2026: Stablecoin Market Capitalization Declines by $2.3 Billion
- —Our coverageStablecoin Recap Jun 1–8, 2026: Visa tested private stablecoin settlement with Brale and Canton.
- —Our coverageStablecoin Recap Jul 6–13, 2026: USDS added $0.823 billion, leading stablecoin inflows.
- —Our coverageStablecoin Recap Jul 20–27, 2026: USDT experienced a depeg, reaching a low of $1.34, 34% off its peg.
- —Our coverageStablecoin Recap Jul 13–20, 2026: USDS saw a $1.037 billion outflow during a stablecoin market contraction.
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.