USDS, also known as Sky Dollar, is a decentralized stablecoin by Sky Protocol, maintaining a soft peg to the U.S. dollar and backed by surplus collateral.
| Symbol | USDS |
| Peg | USD |
| Backing | Crypto backed |
| Status | Active |
| Launched | 2024 |
| Networks | L1 EVM Ethereum, BNB Chain, Avalanche L1 non EVM Solana, Stellar L2 Arbitrum, Base, Polygon, Optimism |
| Specifications | Backing Over-collateralized with a diverse mix of crypto assets, stablecoins, and tokenized real-world assets. Redemption Direct redemption through the issuer is not available; users can exit via DEXs, secondary markets, OTC desks, DEX liquidity pools, or peer-to-peer transactions. KYC required No |
| Use cases | DeFi collateral, Trading, Payments |
| Mint and redeem | USDS is issued through Sky Protocol smart contracts against Protocol Collateral. Sky states that its Peg Stability Module lets anyone swap USDC and USDS at exactly 1:1 in either direction, while overcollateralized Vault users can also mint USDS against approved collateral. Exiting USDS occurs onchain through the PSM or other supported stablecoin routes rather than through fiat redemption with a central issuer. Sky describes the PSM as open to anyone and does not state a protocol-level KYC requirement or product-wide minimum for this conversion. |
| Chain | Address |
|---|---|
| Arbitrum One | 0x6491c05a82219b8d1479057361ff1654749b876b |
| Base | 0x820c137fa70c8691f0e44dc420a5e53c168921dc |
| Ethereum | 0xdc035d45d973e3ec169d2276ddab16f1e407384f |
| Solana | USDSwr9ApdHk5bvJKMjzff41FfuX8bSxdKcR81vTwcA |
USDS, introduced by Sky Protocol in September 2024, is a decentralized stablecoin that serves as an evolution of MakerDAO's DAI. It maintains a soft peg to the U.S. dollar and is backed by surplus collateral.
USDS is over-collateralized with a diverse mix of crypto assets, stablecoins, and tokenized real-world assets, with a significant portion of its collateral comprising ETH tokens.
The stablecoin is backed by a diverse mix of crypto assets, stablecoins, and tokenized real-world assets, ensuring its stability and reliability.
USDS, also known as Sky Dollar, is a decentralized stablecoin by Sky Protocol, maintaining a soft peg to the U.S. dollar and backed by surplus collateral.
Over-collateralized with a diverse mix of crypto assets, stablecoins, and tokenized real-world assets.
USDS is recorded on 9 networks, including Ethereum, BNB Chain, Avalanche, Solana, Stellar, Arbitrum.
USDS has a market capitalization of $9.8B as of 29 October 2026.