Sky Dollar (USDS) is a crypto-backed US dollar stablecoin issued by Sky (formerly MakerDAO). It has about $7.03B in circulation, ranking #3 among the stablecoins CoinScoop tracks, and runs on 7 blockchains.
USDS price
$0.9989
On peg Circulating supply
$7.03B
30-day change
+6.0%
Price
$0.9989
Blockchains
7
Tracked since
Sep 2024
What is USDS?
Sky Dollar (USDS) is a crypto-backed US dollar stablecoin issued by Sky (formerly MakerDAO). It has about $7.03B in circulation, ranking #3 among the stablecoins CoinScoop tracks, and runs on 7 blockchains.
USDS is the 2024 upgrade of DAI; holders can deposit it into the Sky Savings Rate (sUSDS) to earn yield. DAI and USDS convert 1:1.
In the issuer's words: USDS is the stablecoin of Sky Protocol, soft-pegged to the U.S. dollar and backed by surplus collateral.
USDS supply history
$9.19B$4.19B
Oct 8, 2025Oct 8, 2026
$9.22B$0
Sep 18, 2024Oct 8, 2026
USDS supply grew 6.0% over the past 30 days, to $7.03B. Its peak was $8.95B in April 2026, and supply is 21% below that high.
Is USDS holding its peg?
Last price
$0.9989
Target
1.0000 USD
Status
On pegUSDS is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDS lives: supply by blockchain
Supply is concentrated: Ethereum holds 98% of all USDS. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDS is backed
USDS is backed by over-collateralised crypto assets and real-world assets held by the Sky protocol.
Minting and redemption: Users can access Sky Protocol's liquidity pools through Sky.money to trade USDC, USDT, ETH, or SKY for USDS. They can also upgrade DAI to USDS.
USDS risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDS vs USDT and USDC
Similar crypto-backed stablecoins
See all →
USDS in the news
Crypto Market Cap Flatlines at $2.25T as Fear & Greed Index Sinks to 25 — Ethereum Leads Altcoin Bleed
Crypto Market Cap Falls to $2.25T as Fear & Greed Hits 29 — HYPE Leads 24h Losses at -5.9%, BTC Holds Above $63K
Ripple Mint Goes Live: Institutions Get API-Driven RLUSD Access as Stablecoin Nears $1.6B Market Cap
USDS guides
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
USDS FAQ
What is USDS?
Sky Dollar (USDS) is a crypto-backed US dollar stablecoin issued by Sky (formerly MakerDAO). It has about $7.03B in circulation, ranking #3 among the stablecoins CoinScoop tracks, and runs on 7 blockchains.
Is USDS pegged 1:1 to the US dollar?
USDS targets 1 USD. At the last update it traded at $0.9989, a deviation of -0.11%, which we classify as "on peg".
What backs USDS?
USDS is a crypto-backed stablecoin. Over-collateralised crypto assets and real-world assets held by the Sky protocol.
Which blockchains is USDS on?
USDS is live on 7 blockchains. The largest by supply are Ethereum ($6.93B), Arbitrum ($99.8M), Solana ($5.7M).
How much USDS is in circulation?
About $7.03B of USDS was in circulation at the last update, +6.0% over 30 days. That makes it the #3 stablecoin by supply among those we track.
Does USDS pay interest?
Not on its own. Plain USDS does not earn yield, but holders can deposit it into sUSDS (Sky Savings Rate) to earn a variable rate set by the protocol. USDS is the 2024 upgrade of DAI; holders can deposit it into the Sky Savings Rate (sUSDS) to earn yield. DAI and USDS convert 1:1.
Is USDS safe?
No stablecoin is risk-free. As a crypto-backed design, USDS's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.