USDS (Sky Dollar) (USDS) Review
Sky's flagship stablecoin and the #3 stablecoin globally — DAI's successor post-MakerDAO rebrand
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De un vistazo
USDS is the flagship stablecoin of Sky Ecosystem (rebranded from MakerDAO in August 2024), now the #3 stablecoin globally by market cap (~$11.13B in May 2026, behind only USDT and USDC). USDS is DAI's successor: 1:1 migratable from DAI via official DaiUsds contract, with forced CEX conversions completed in April-May 2026 (Binance April 7, Coinbase May 4-6, Crypto.com May 11). Backing is crypto + RWA: ~38% USDC reserves (via PSM + Sky Allocator into T-bills + Centrifuge RWA), ~25% crypto vaults (ETH, wstETH, WBTC), ~22% RWA loans (BlockTower, Centrifuge, Monetalis), ~10% Spark Protocol, ~5% other. Sky is the largest DeFi consumer of tokenized RWAs (>$2B). NOT MiCA-EMT-authorized; ART-eligible but no ART authorization in any EU member state.
DAI holders consolidating post-migration (Binance/Coinbase/Crypto.com auto-converted balances April-May 2026). DeFi users active on Spark Protocol (Sky's sister DeFi, $6.8B TVL) accessing sUSDS yield. Investors wanting exposure to tokenized RWAs via stablecoin (Sky is largest DeFi RWA consumer with >$2B in tokenized Treasuries).
You want direct retail purchase via Italian CASP (USDS arrives via DAI conversion, not as a clean listing). You want monthly Big-Four attestations (Sky publishes real-time on-chain dashboards, no Big-Four). You want the 26% Italian carve-out (USDS is 33%, not EMT). You're not familiar with the post-Sky-rebrand ecosystem.
Datos rápidos
- Ticker
- USDS
- Issuer
- Sky Ecosystem (formerly MakerDAO)
- Peg
- USD
- Backing
- crypto collateralized
- Market cap
- $11.1B
- Chains
- 5
- Attestation
- none
- Fiat redeem
- No
- Yield APY
- 4.75%
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Auditors / attestors
- · On-chain transparency via Sky/Spark dashboards
- · PeckShield + ChainSecurity (smart contract)