Sky
Stablecoin · SKY
Sky (formerly MakerDAO) is the largest decentralized stablecoin issuer, managing USDS, sUSDS, legacy DAI, stUSDS, and the SKY governance token.
Stablecoins aren't built to sit still.
USDS + DAI supply
$426.8M
+0.1% 24h
Latest data · 15 min delay
Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (5)
USDS
Primary Sky dollar (DAI successor). ERC-20 with 1:1 USDC swap and base for sUSDS.
sUSDS
Yield-bearing USDS via Sky Savings Rate. Non-custodial wrapper with compounding exchange rate, no lockup or fees.
DAI
Legacy Maker collateral-minted stablecoin, still in circulation.
stUSDS
Expert-user yield from SKY-backed borrowing with dynamic utilization-based returns.
SKY
Governance token; stake to earn rewards or borrow USDS. MKR migrated to SKY.
Differentiator
Protocol-set Sky Savings Rate, instant no-lockup yield via sUSDS, and the Sky Agent Network for allocator-driven deployment.
Organizational structure
Units & roles
- Issuer
Sky Protocol / Ecosystem
Issues USDS, sUSDS, and related Sky products.
- Legacy governance
Maker Governance Portal
Legacy governance surface and MKR to SKY migration tooling.
- Allocators
Sky Agent Network
Allocator agents deploying protocol capital across strategies.
Investment rounds
Similarity to traditional finance products
How Sky maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Sky | Key differences |
|---|---|---|
| Digital cash / demand deposit | USDS behaves like on-chain digital cash with protocol swap rails. | Decentralized collateral and governance, not bank deposits. |
| Yield-bearing deposit receipt | sUSDS resembles a savings account receipt earning protocol rate. | Non-custodial, instant exit, rate set by DAO. |
| Governance equity | SKY maps to protocol governance and staking economics. | On-chain voting and staking integrations. |