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 71/100 (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.
Current yield of 3.65% sits at 7% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 3.65%. 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.
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 $5.56B indicates deep on-chain liquidity. Lock-up: None.