USDS (USDS) Loading...
USDS (ticker: USDS) is the decentralized dollar token at the heart of the Sky Protocol, the successor to MakerDAO. The USDS token is designed to hold a soft peg to one U.S. dollar, so the USDS price generally aims to track $1 while remaining fully onchain and transparent. As part of a broader “Endgame” upgrade, USDS replaced DAI as the protocol’s flagship stablecoin and now powers savings, rewards, and multichain activity across the USDS blockchain footprint on Ethereum and Solana. Users can hold plain USDS, place it into the Sky Savings Rate (SSR) to receive sUSDS that auto‑accrues value over time, or participate in Sky Token Rewards—all without giving up custody of their funds. (blockworks.com)
USDS is accessible through permissionless tools. On Ethereum, it integrates with core lending and liquidity modules; on Solana, it moves natively via Wormhole’s Native Token Transfers (NTT), eliminating wrapped-token complexity. Together, these pieces make USDS a practical medium of exchange for USDS DeFi, NFTs, gaming, and everyday onchain payments. (wormhole.com)
As of 11/29/2025 08:00 UTC, USDS trades at $1.000 with a +0.00% move over the last 24 hours.
The market capitalization stands at $9.4B, placing it at rank #19 by market value.
Daily trading volume is $44M. USDS has moved -0.00% over the past seven days and -0.02% across the last 30 days.
USDS comes from a decade of MakerDAO development. MakerDAO launched in 2014 and introduced DAI in 2017 as the first major decentralized, crypto‑backed dollar. In August 2024, Maker rebranded to Sky, unveiling the upgraded tokens: USDS (replacing DAI) and SKY (replacing MKR). From September 18, 2024 onward, holders could voluntarily upgrade DAI to USDS at 1:1 and MKR to SKY at 1:24,000, while legacy tokens remained supported. Governance shifted under the “Sky Atlas” framework with a community‑run, onchain voting process. The protocol’s front end, Sky.money, is operated by Skybase International as a non‑custodial gateway to the underlying smart contracts. (blockworks.com)
Leadership is decentralized, but you will still see long‑time contributors—such as co‑founder Rune Christensen—engaged in proposals and public updates as the community implements Endgame milestones and expands USDS to new chains and partners. (blockworks.com)
USDS is minted when users open over‑collateralized vaults and lock assets like ETH or liquid‑staking tokens. If a vault becomes under‑collateralized, Liquidations 2.0 triggers a Dutch‑auction process (“Dog/Clipper”) that sells collateral to cover outstanding USDS debt. This mechanism, used for years in the Maker lineage, helps maintain solvency and peg resilience through transparent, rules‑based auctions. (developers.sky.money)
Alongside vaults, Sky uses the LitePSM, a streamlined Peg Stability Module that lets users swap between USDS (or DAI) and external stablecoins like USDC at fixed ratios with minimal slippage. Because LitePSM holds pre‑minted pools, swaps reduce to simple ERC‑20 transfers, improving gas efficiency and peg responsiveness. The module can also segment balances for yield strategies, improving capital efficiency while keeping the swap experience simple. (developers.sky.money)
Holders can supply USDS to the Sky Savings Rate (SSR) and receive sUSDS, a token that records their balance and any value that accumulates over time. The protocol periodically adds USDS to the SSR pool, so sUSDS claims grow without lockups. In parallel, Sky Token Rewards (STR) distribute SKY over time to USDS participants based on their share of the overall rewards pool. These features are surfaced in the Sky.money app front end, but the funds remain in non‑custodial contracts. (sky.money)
USDS is natively multichain via Wormhole NTT. Rather than “wrapping” tokens, the protocol uses burn‑and‑mint NTT to unify supply across Ethereum and Solana. This preserves token properties, avoids fragmented liquidity, and adds built‑in safeguards like rate‑limits and access controls. The native Solana deployment (Nov 19, 2024) was coupled with ecosystem incentives and integrations in Kamino, Drift, and Save Finance, seeding on‑chain liquidity and usage from day one. Users can move USDS using Portal and NTT‑enabled apps. (wormhole.com)
USDS now spans two of the most active public chains. On Ethereum, users find deep DEX liquidity and the familiar Maker‑style vault system. On Solana, USDS benefits from low fees and fast finality, making it attractive for app‑driven uses like in‑game markets or NFT settlement where stable pricing matters.
If you’re wondering where to buy USDS, there are several common paths:
Wallet choices depend on the chain you use. On Ethereum, common EVM wallets (and many hardware wallets) work with USDS and sUSDS. On Solana, Phantom‑style wallets support native USDS once bridged or acquired onchain. Always match the wallet to the chain, and keep track of whether you hold USDS or sUSDS for savings‑related actions. (sky.money)
USDS is a decentralized, over‑collateralized stablecoin issued by code. Skybase International operates the Sky.money website as a non‑custodial front end—it is not a broker, exchange, or custodian, and it provides technical access to smart contracts that run on public blockchains. The Terms of Use make this distinction clear. (docs.sky.money)
Access to specific features depends on your location. The Sky.money interface notes that some functionality (including the Sky Savings Rate and Token Rewards) is not available in selected jurisdictions, including the United States, and that trading features may be limited in certain regions such as EU member states. This is an interface‑level limitation and does not stop the underlying protocol or the USDS token from existing onchain. (skymoney.net)
Regarding USDS regulatory status more broadly, the stablecoin’s design—over‑collateralized issuance, transparent reserves, onchain governance, and multichain deployment—means it is often discussed in the context of commodity‑like or payments‑token frameworks rather than corporate securities. However, treatment varies by jurisdiction and can evolve as laws and guidance change. The official documentation emphasizes that Skybase International provides access to a permissionless protocol and is not offering investment or custody services. (docs.sky.money)
Is USDS halal? Views differ among scholars. Many scholars see fully collateralized, non‑interest‑bearing stablecoins used for spot transactions as more likely to be permissible, provided there is no riba, excessive uncertainty (gharar), or involvement in prohibited activities. Others prefer explicit certification and ongoing Shariah audits. As of October 5, 2025, Sky’s public materials do not announce a formal Shariah certification for the USDS token. Users who need a clear ruling often consult their own scholars or Shariah boards to determine whether USDS is shariah compliant for their specific use. (sky.money)
USDS is positioned to keep scaling across chains and apps. On the connectivity side, Wormhole NTT already gives USDS native contracts on Solana with a unified supply; governance has also discussed SkyLink as an official cross‑chain pathway for USDS and sUSDS, pointing to a multi‑network future beyond today’s deployment. Expect continued integrations in payments, liquidity markets, and app‑specific rails where stablecoins are essential. (wormhole.com)
On the economics side, USDS tokenomics continue to evolve through governance. Real‑world asset strategies, LitePSM improvements, and vault parameter tuning feed protocol revenues that can support the SSR and growth initiatives. If adoption of USDS DeFi, NFTs, gaming expands—especially on high‑throughput chains—USDS could become the default “digital cash” leg many apps choose for settlement. Meanwhile, exchange support is widening, making “where to buy USDS” easier to answer for mainstream users. (developers.sky.money)
USDS is the upgraded, decentralized dollar of the Sky Protocol, built to keep the USDS price close to $1 while staying fully onchain and user‑controlled. It blends proven Maker‑style mechanics (over‑collateralized vaults, robust liquidations, and peg modules) with modern features like the Sky Savings Rate, non‑custodial rewards, and native multichain transfers. With Ethereum and Solana support, clear wallet paths, and growing exchange access, the USDS token is a practical building block for everyday onchain finance—spanning USDS DeFi, NFTs, gaming, and global payments—while ongoing governance steers USDS tokenomics and ecosystem growth. Whether you’re upgrading from DAI, saving in sUSDS, or simply looking for stable settlement onchain, USDS offers a simple, composable, and multichain way to transact in crypto’s dollar. (blockworks.com)
USDS (ex. DAI) is a cryptocurrency that maintains a stable value close to one U.S. dollar through an algorithmic system of smart contracts on the Ethereum blockchain. It is created by MakerDAO, a community-governed protocol that enables users to borrow and lend crypto-assets without intermediaries.
| Sector: | Stablecoins |
| Blockchain: | Ethereum |
