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sUSDS (ticker: SUSDS) is a savings-focused, yield‑accruing version of the USDS stablecoin inside the Sky ecosystem (formerly Maker). When you deposit USDS into the Sky Savings Rate (SSR), you receive sUSDS as a transferable receipt that grows in value over time. Because sUSDS is an “accumulating” token rather than a rebasing one, its exchange rate versus USDS steadily increases as yield accrues. This design makes “SUSDS price” on exchanges trend slightly above $1 and drift upward gradually, reflecting accrued savings. In short, sUSDS tokenizes access to the SSR while staying compatible with common DeFi tools. (docs.spark.fi)
The protocol behind it, Sky, is the evolution of MakerDAO’s Endgame plan. USDS is the upgraded form of DAI, and sUSDS is the upgraded form of sDAI with higher, governance‑set yields. The Sky Protocol is managed onchain by community governance and delivered through apps like Spark, which provide an easy path to mint sUSDS and use it across multiple EVM networks. (blockworks.com)
From an end‑user point of view, sUSDS fits wherever a stable, yield‑bearing asset is helpful: moving funds between chains, pairing in liquidity pools, or parking treasury cash inside DeFi. Because it’s an ERC‑20/4626 standard on mainnet and a simplified ERC‑20 on other networks, it plugs into existing DeFi rails without special integrations. In everyday language, you can think of sUSDS as a portable savings account for the sUSDS blockchain environments where it lives. (docs.spark.fi)
As of 11/11/2025 08:00 UTC, sUSDS (SUSDS) trades at $1.08 with a +0.12% move over the last 24 hours.
The market capitalization stands at $3.4B, placing it at rank #50 by market value.
Daily trading volume is $87M. sUSDS (SUSDS) has moved -0.60% over the past seven days and -0.32% across the last 30 days.
In August 2024, Maker announced a major rebrand to Sky, introducing USDS (the successor to DAI) and SKY (the upgraded governance token replacing MKR). The rebrand rolled out features like the Sky Savings Rate and reward programs, with the goal of making onchain savings simpler and more scalable. Rune Christensen, the original MakerDAO founder, remains the most prominent figure associated with Sky. (blockworks.com)
Spark—Sky’s “front door” for savings and liquidity—has been built and maintained by core contributors in the Sky ecosystem (commonly referenced as Phoenix Labs in community write‑ups). Spark operates the Spark Liquidity Layer (SLL), which spreads USDS and sUSDS liquidity across chains and DeFi protocols. While Sky governance is community‑driven, Spark acts as the yield and liquidity engine that makes sUSDS easy to access wherever users are. (docs.spark.fi)
In late 2024 and through 2025, Sky pursued multi‑chain growth. USDS launched on Solana with plans, pending governance, to bring the “savings” version (sUSDS) cross‑chain via SkyLink. Elsewhere, governance and ecosystem partners proposed co‑incentives to seed USDS/sUSDS liquidity on networks like Unichain, underlining Sky’s strategy to make savings portable across multiple chains. (cointelegraph.com)
On Ethereum mainnet, sUSDS is implemented as an ERC‑4626 vault that wraps USDS deposits into the Sky Savings Rate module. Depositors receive sUSDS, which represents a pro‑rata claim on underlying USDS plus accumulated yield. Because it’s an accumulating token, the exchange rate increases over time instead of your wallet balance rebasing. Conversion between USDS and sUSDS uses standard ERC‑4626 methods. (docs.spark.fi)
Off mainnet, sUSDS is a streamlined ERC‑20 that still reflects the growing exchange rate. The Spark Liquidity Layer (SLL) extends mainnet liquidity to networks like Base, Arbitrum, Optimism, and Unichain. It also powers the Spark Peg Stability Module (PSM), which allows no‑slippage swaps among USDS, sUSDS, and USDC using a fixed $1 price for USDS/USDC and a rate oracle for sUSDS. This architecture gives users predictable, deep liquidity to enter or exit sUSDS on multiple chains. (docs.spark.fi)
The Sky Savings Rate is set by Sky governance and paid in USDS. It is funded by protocol revenue, including fees from over‑collateralized lending, liquidity provisioning, and allocations into real‑world assets such as U.S. Treasury bills. This model is similar in spirit to DSR/sDAI from Maker’s earlier era, but redesigned for the Sky ecosystem and expanded across chains through SLL. (docs.spark.fi)
Because sUSDS gains value relative to USDS, integrators and DEXs need a reliable rate. A cross‑chain SSR oracle publishes the per‑second rate and cumulative index, allowing contracts to compute the current sUSDS/USDS conversion at any time. The Spark PSM and integrated exchanges consume this oracle so swaps reflect the latest accrual. (docs.spark.fi)
SkyLink provides native bridges for supported networks (for example, Ethereum ↔ Base) so users can move USDS and sUSDS without relying on third‑party wrappers. This approach lets governance manage supported assets and evolve features while keeping the user flow simple. (developers.sky.money)
These mechanics are often summarized as “sUSDS tokenomics”: predictable accrual, flexible mint/redeem, and broad composability across EVM chains through the Spark Liquidity Layer. (docs.spark.fi)
sUSDS already appears across major DeFi venues. The SLL actively places liquidity into protocols such as Curve, Aave, Morpho, and SparkLend, so users can swap, lend, or LP with straightforward on‑ramps. On Curve, for example, sUSDS participates in stable pools and savings‑style markets; Uniswap and other DEXs list sUSDS pairs where the accumulating exchange rate shows up as a slowly rising “SUSDS price.” (docs.spark.fi)
Multi‑chain distribution is central to adoption. Ethereum and Base were the earliest hubs for sUSDS liquidity, with Arbitrum, Optimism, and Unichain supported as well. On Solana, Sky expanded USDS natively and has signaled intent—pending governance—to enable sUSDS via SkyLink. Elsewhere in the modular ecosystem, community efforts have explored IBC‑native representations through Cosmos‑aligned bridges. The common thread: bring the SSR wherever users are running DeFi. (docs.spark.fi)
Beyond DeFi, you’ll see “sUSDS DeFi, NFTs, gaming” use cases emerge:
Because sUSDS is a standard token, it slots into existing wallets, payment rails, and onchain apps with minimal friction. (docs.spark.fi)
You can acquire sUSDS in a few common ways:
Common wallets like MetaMask, Rabby, and hardware wallets support sUSDS because it follows standard token interfaces. For reference and safe token imports, here are the canonical contract addresses on two popular networks:
Always verify addresses against official docs before adding tokens in your wallet or executing swaps. (docs.spark.fi)
If you’re comparing options for where to buy SUSDS, consider the network you prefer, available pools, and whether you want to mint (via Savings) or swap (via DEX). The Spark PSM can also route between USDC, USDS, and sUSDS with no slippage beyond gas, which is useful when building larger positions. (devs.spark.fi)
sUSDS is an onchain savings token within a decentralized protocol. The front‑end apps may be restricted to “eligible users” in certain regions, but the underlying contracts are non‑custodial and permissionless. Jurisdictional treatment differs by country, and program features may be adjusted by governance over time. (skymoney.net)
Sky governance can adjust the SSR and related parameters. Availability of features like rewards or bridging may vary by chain and change as proposals pass. Users typically check the Sky or Spark interfaces to see which networks and functions are active for their region at any given time. (docs.spark.fi)
The roadmap points toward broader reach and deeper integration:
In all cases, the thesis is consistent: keep “savings” native to the asset so the yield follows the user, not the other way around.
sUSDS is the savings token of the Sky ecosystem, designed to make onchain, dollar‑denominated yield simple and portable. Technically, it wraps USDS inside the Sky Savings Rate on Ethereum (ERC‑4626) and mirrors that accruing value as a standard ERC‑20 across other chains via the Spark Liquidity Layer. Practically, it gives users a stable unit that earns while remaining easy to swap, lend, LP, and bridge.
If you’re evaluating the SUSDS token, remember the key ideas: the “SUSDS price” tends to rise slowly as the exchange rate accrues; “sUSDS tokenomics” are built around mint‑redeem flexibility with governance‑set yields; liquidity and access are broadened through the PSM and SLL; and the asset is already integrated across leading DeFi venues. On compliance, “sUSDS regulatory status” depends on jurisdiction, and “sUSDS halal” assessments vary among scholars, especially given yield sources. Overall, sUSDS offers a clear, educational example of how stablecoin savings can be embedded directly into a token and carried across the multi‑chain crypto economy. (docs.spark.fi)
 Curve (Ethereum) | 147M | 994K/991K |
 Uniswap V3 (Base) | 128 | 520/518 |
