Issuer of USDS (upgraded from DAI). ~$11.4B circulating. Decentralized, over-collateralized.
Overview
Ticker
USDS
Backing type
Crypto-backed
Market cap
$6B+
Peg currency
USD
Issuer
Sky (f.k.a. MakerDAO)
Auditor
On-chain verifiable (smart contract audits by ChainSecurity, Trail of Bits)
Yield rate
~6-8% via Sky Savings Rate
Launch year
2024
Reserves
ETH, WBTC, RWA vaults (US Treasuries), stablecoins, on-chain collateral
Supported Chains
EthereumBase
Regulatory
MiCA compliant
No
Jurisdiction
Decentralized (Cayman Islands foundation)
Features
Programmable✓
Rebaseable—
Permissioned—
Cross-chain—
DeFi integrated✓
Institutional grade—
Use Cases
DeFi lending collateralSavings via DSRDAO treasury managementDecentralized borrowing