Sky Dollar (USDS) is the upgraded successor to DAI from Sky, the rebranded MakerDAO, pegged to the US dollar and backed by a multi-collateral mix of crypto, staked ETH and tokenized US Treasuries via real-world-asset positions. It is the base token of the Sky savings stack and can be staked into sUSDS for the Sky Savings Rate. USDS scores 72/100 (Tier 3) on the RWTS Trust Score: a deep, well-collateralised system, balanced against smart-contract and governance risk and a freeze function the protocol can invoke on individual balances.
- Issuer / protocol
- Sky (MakerDAO)
- Backing
- Multi-collateral (ETH, stETH, U.S. Treasuries, RWA)
- Redemption / lock-up
- None
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
- Contract
- 0xdC03…4e2a
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
| Pool | DEX | Liquidity | 24h Vol |
|---|---|---|---|
| USDS / USDT | uniswap | $50.0M | $146.1M |
| USDS / SKY | uniswap | $9.6M | $728K |
| USDS / DAI | uniswap | $208K | $388 |
| USDS / ETH | uniswap | $20K | $11K |
| USDS / USDC | uniswap | $18K | $437 |
Aggregated across public DEX pools holding more than $10K in liquidity. Daily snapshot, not a live feed. Source: DexScreener. Deep, distributed liquidity makes a token easier to enter and exit without slippage.
Current yield of 3.80% sits at 8% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 3.80%. Actual returns may vary. Not financial advice.
Sky-issued; successor to DAI; newer mark.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Next-generation Sky stablecoin replacing DAI; multi-collateral overcollateralized via ETH, stETH, U.S. Treasuries (RWA collateral), and other Sky-approved collateral types.
All collateral fully visible on-chain via Sky smart contracts; Sky Foundation publishes regular protocol financial reports; on-chain transparency + third-party reporting.
Instant unstake from sUSDS to USDS; USDS redeems instantly to USDC at par via Sky PSM. Sub-minute end-to-end USDC convertibility. Right 8/8, route 5/7: two routes the issuer cannot close.
Inherits Sky/MakerDAO institutional security framework: multiple smart contract audits, Immunefi top-tier bug bounty, protocol financial reporting. USDS contracts (newer than DAI) have undergone fresh audits.
Sky DAO governance with Sky Foundation organisational structure and published terms.
USDS launched September 2024 as part of Sky rebrand from MakerDAO (~20 months of operation as of May 2026); no material incidents specific to USDS. Inherits MakerDAO operational lineage including Black Thursday (March 2020), addressed and incident-free since.
INHERITED_PROTOCOL_HISTORYUSDS is the next-generation Sky stablecoin (Sept 2024 launch). Inherits MakerDAO operational history including Black Thursday March 2020 (~$8M bad debt during ETH crash + oracle delay; remediated). 5+ years clean operation across the protocol family.
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond USDS's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
The Sky Savings Rate and the RWA collateral behind it set the yield and the risk for sDAI, sUSDS, and the Spark lending stack. A change or stress at the Sky layer flows straight through all of them.
See the full chain →What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $7.03B indicates deep on-chain liquidity. Lock-up: None.
Is USDS safe?
USDS (Sky Dollar) scores 72/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: Multi-collateral (ETH, stETH, U.S. Treasuries, RWA). It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
13/15 · right 8/8 · routes 5/7If the issuer stopped cooperating tomorrow, could you get out?
Yes, by more than one independent route
- independent
USDS to DAI converter
1:1, permissionless, contract-enforced.
- independent
Uniswap V4
98.4% of $162m daily volume. Everything outside it carries 1.6% between them, so the market collapses to a single route under the concentration test despite 31 venues being listed.
Route 5. Thirty-one venues sounds like depth until you see that one carries 98.4% of the flow. The converter is what makes this a two-route asset rather than a one-route asset.
This is the redeemability component of the Trust Score above, which stands at 72/100 (B). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare USDS
Head to head on the Trust Score with similar assets.