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.
Key Data
| 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. |
| Peg Currency | USD |
| Launched | 2024 |
Supported Networks
Use Cases
Overview
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.
How It Works
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.
Reserve Backing
The stablecoin is backed by a diverse mix of crypto assets, stablecoins, and tokenized real-world assets, ensuring its stability and reliability.
Supported Networks
USDS is deployed on multiple blockchain networks, including Ethereum, Arbitrum, Base, Solana, Polygon, Optimism, BNB Chain, Avalanche, and Stellar, enhancing its accessibility and utility across various DeFi platforms.
Other USD Stablecoins
Data source: CoinGecko ↗