USDS
USDS Rank #16Price chart
What is USDS?
Protocol origins
MakerDAO became Sky Protocol in 2024 and introduced USDS alongside its updated token system. USDS continues the collateralized stablecoin infrastructure developed around DAI. It is issued through the protocol and governed by SKY tokenholders. Applications use USDS for payments, exchange liquidity and lending. Its target value is one US dollar.
Collateral and issuance
Protocol backing includes stablecoins, crypto-backed lending positions, short-duration government debt and other approved assets. Sky's collateral framework is designed to cover its outstanding obligations with excess backing. Agents can borrow USDS from the protocol and deploy that capital into approved strategies. Issuance depends on the protocol's collateral and financing arrangements. USDS supply therefore changes with issuance and repayment rather than following a fixed coin cap.
Peg and savings mechanics
The Peg Stability Module supports conversion between USDS and supported stable assets. The Sky interface provides a one-to-one USDC conversion route in both directions. USDS itself does not automatically accumulate savings yield. Depositing into the savings module produces sUSDS, which represents the position in that module. The Sky Savings Rate is funded from protocol surplus. Governance can change that rate and the system's operating parameters.
Where to trade USDS
28 exchanges · top 10
Live spot quotes from connected exchanges
USDS funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.