About USDS
USDS is the upgraded US-dollar stablecoin of Sky, the protocol formerly known as MakerDAO, launched in 2024 alongside the broader rebrand from MakerDAO to Sky. USDS preserves DAI's dollar peg and decentralized governance while adding new programmable features, including an on-chain savings rate (sUSDS), upgradable token logic, and tighter integration with Sky's expanding ecosystem of subDAOs (Stars). DAI and USDS can be swapped freely at a one-to-one rate via the Sky protocol.
USDS is collateralized by a diversified mix of assets including crypto holdings such as ETH and staked-ETH derivatives, real-world assets such as US Treasury bills, and other stablecoins like USDC, all managed under Sky's risk parameters. The protocol generates revenue from stability fees and RWA yields, which can be distributed to USDS holders through the Sky Savings Rate (SSR) when they deposit USDS to receive sUSDS, a yield-bearing wrapper that accrues value over time.
USDS lives at the centre of the Sky ecosystem, which includes the SKY governance token, the Sky Savings Rate, and a series of allied subDAOs that target specific verticals such as real-world assets and DeFi-native lending. USDS is integrated into major DEXs, lending markets, and stablecoin aggregators, and is designed for both DeFi power users and more traditional fintech-style savings products.
Crypto Market Watch tracks the live USDS price ranked #12 by market capitalisation, 24-hour and 7-day price changes, market capitalisation, trading volume, circulating supply, and all-time highs and lows on this page. Data refreshes continuously throughout the trading day so investors can monitor USDS market activity in real time.