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.
SKY price
$0.0531
+0.3% 24h
Latest data · 15 min delay
Sky, formerly MakerDAO, is the largest decentralized stablecoin issuer, managing USDS and legacy DAI alongside the sUSDS savings token and SKY governance token. Its credit-sector relevance comes from how it deploys its balance sheet: the protocol-set Sky Savings Rate, collateralized vault borrowing, and allocations of USDS liquidity into lending markets through Stars such as Spark. The Endgame restructuring splits the ecosystem into semi-autonomous SubDAOs, with Sky Core setting monetary policy. Sky is listed here for its lending-adjacent liquidity role while remaining primarily a stablecoin protocol.
Protocol-set Sky Savings Rate, instant no-lockup yield via sUSDS, and the Sky Agent Network for allocator-driven deployment.
Primary Sky dollar (DAI successor). ERC-20 with 1:1 USDC swap and base for sUSDS.
Yield-bearing USDS via Sky Savings Rate. Non-custodial wrapper with compounding exchange rate, no lockup or fees.
Legacy Maker collateral-minted stablecoin, still in circulation.
Expert-user yield from SKY-backed borrowing with dynamic utilization-based returns.
Governance token; stake to earn rewards or borrow USDS. MKR migrated to SKY.
How Sky maps onto established TradFi structures, and where it diverges.
Digital cash / demand deposit
Sky
USDS behaves like on-chain digital cash with protocol swap rails.
TradFi analogue
Decentralized collateral and governance, not bank deposits.
Yield-bearing deposit receipt
Sky
sUSDS resembles a savings account receipt earning protocol rate.
TradFi analogue
Non-custodial, instant exit, rate set by DAO.
Governance equity
Sky
SKY maps to protocol governance and staking economics.
TradFi analogue
On-chain voting and staking integrations.
Sky Protocol / Ecosystem
Issuer Issues USDS, sUSDS, and related Sky products.
Maker Governance Portal
Legacy governance Legacy governance surface and MKR to SKY migration tooling.
Sky Agent Network
Allocators Allocator agents deploying protocol capital across strategies.
Key milestones: launches, upgrades, exploits and governance events.
MakerDAO rebrands to Sky
ExecutedUSDS and the SKY governance token launch; DAI and MKR remain live for legacy users.
SourceSky Savings Rate / sUSDS live
ExecutedsUSDS gives instant, no-lockup yield via the governance-set Sky Savings Rate.
SourceS&P assigns USDS a 'B-' assessment
StatedS&P Global publishes a 'B-' stablecoin stability assessment for USDS.
SourceSky Star / agent ecosystem
ExecutedAllocator-driven deployment via the Sky Agent Network (e.g. Spark).
SourceUSDS is the successor Sky dollar from the Sep 2024 rebrand and MKR/SKY, DAI/USDS migration path.
sUSDS is yield-bearing USDS via the Sky Savings Rate. It is not a separate pegged coin or governance token.
Max supply
Buyback policy
Smart Burn Engine deploys protocol surplus to buy back and burn governance tokens.
