1. USDS Key Facts
| Token | USDS |
|---|---|
| Protocol | Sky Protocol, formerly MakerDAO |
| Relationship to DAI | Sky describes USDS as the upgraded version of DAI, with one-to-one DAI conversion available for eligible users |
| Peg | Designed to track the U.S. dollar |
| Stablecoin type | Crypto-collateralized / protocol-backed stablecoin |
| Savings token | sUSDS, a savings-token representation linked to the Sky Savings Rate module |
| Market data source | CoinGecko and CoinMarketCap live USDS pages, checked May 7, 2026 |
2. Backing and Protocol Mechanism
USDS is part of the Sky Protocol system that evolved from MakerDAO. Sky and Maker documentation describe the stablecoin system as backed by protocol collateral. Collateral types can include crypto assets and real-world asset exposure, with parameters governed through the protocol.
| Field | Public description |
|---|---|
| Backing model | Protocol collateral governed by the Sky system |
| Collateral examples | Crypto collateral and real-world asset exposure described in Sky/Maker ecosystem materials |
| Peg mechanism | Protocol mechanisms, market liquidity, and conversion paths inherited from the Sky/Maker stablecoin system |
| Live system data | Use Sky and Maker dashboards for current collateral, supply, savings rate, and protocol parameters |
3. DAI Conversion and Redemption Paths
Sky states that eligible users can upgrade DAI to USDS one-to-one and convert USDS back to DAI one-to-one through Sky.money interfaces where available. That conversion path is different from trading USDS on a third-party exchange or DEX, where price depends on liquidity, routing, fees, and market conditions.
USDS can also be used inside Sky app flows, including savings and reward-related modules where available and permitted.
4. Sky Savings Rate and sUSDS
The Sky Savings Rate is the savings module for USDS. Sky documentation describes sUSDS as a tokenized savings representation. A user deposits USDS and receives sUSDS, whose USDS conversion value can increase as savings rewards accrue.
The savings rate is a protocol parameter and can change. Use Sky's official app or developer documentation for the current Sky Savings Rate, sUSDS address, and eligibility details.
Compare USDS savings with live USDT and USDC DeFi rates
USDS savings uses Sky's module. For live lending APY on larger stablecoins, compare USDT and USDC rates by protocol and chain.
5. Market Cap, Price and Exchanges
USDS market cap, price, supply, and exchange listings change continuously. On May 7, 2026, CoinGecko's live USDS page showed a multi-billion-dollar market cap, price near $1.00, and markets across decentralized and centralized venues. Use live market pages for current intraday data.
| Current market cap | Use live CoinGecko or CoinMarketCap data because the figure updates intraday |
|---|---|
| Live price source | CoinGecko and CoinMarketCap USDS pages list live price, supply, volume, and markets |
| Savings rate source | Use Sky.money or Sky developer docs for current Sky Savings Rate and sUSDS data |
6. Contracts and Supported Chains
Sky developer documentation lists the Ethereum USDS token address and sUSDS savings token address. Contract addresses below should be checked against official Sky documentation before any transfer.
| Token | Ethereum contract |
|---|---|
| USDS | 0xdc035d45d973e3ec169d2276ddab16f1e407384f |
| sUSDS | 0xa3931d71877c0e7a3148cb7eb4463524fec27fbd |
Before sending USDS, check the recipient address
Stablecoin mechanics do not verify the destination wallet. If you are sending USDS to an EVM address, scan the address for blacklist and behavior signals first.
Open Address Risk Checker7. Comparison Data Points
This page is not a recommendation or a full stablecoin comparison. The fields below are the data points to compare when looking at USDS next to USDT, USDC, PYUSD, FDUSD, or USDe.
| Market cap | CoinGecko and CoinMarketCap live market cap pages |
|---|---|
| Backing model | Protocol collateral in the Sky/Maker stablecoin system |
| Conversion path | DAI to USDS and USDS to DAI one-to-one through Sky interfaces where eligible |
| Holder yield | USDS is the stablecoin; sUSDS represents savings exposure through the Sky Savings Rate module |
| Direct protocol access | Use Sky.money and Sky docs for current eligibility and module availability |