USDS or USDC — how does Sky’s dollar compare with Circle’s?
USDS (Sky (formerly MakerDAO)): $7.0B in circulation, no MiCA issuer. sUSDS (Sky (MakerDAO)): size not stated, yields ~3.8%, MiCA status not in our data. USDC (Circle): $72.7B in circulation, authorised under MiCA in the EU.
USDC is issued by Circle and backed by cash and US Treasuries. USDS is issued by the Sky protocol (formerly MakerDAO), the successor of DAI, and backed by collateral locked in the protocol — crypto assets and real-world assets such as Treasuries. Deposited as sUSDS, it earns the Sky Savings Rate.
How this list is made: computed from the live TokenBank dataset each time the page is built — 3 matching rows, each linked to its own page and source.
Figures from our live dataset · data as of 2026-11-09 · this answer as JSON · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | EU (MiCA) | Chain |
|---|---|---|---|---|---|---|
| USDS Sky Dollar | Sky (formerly MakerDAO) | No yield | — | No KYC on a DEX | No issuer to authorisesource | Ethereum / Solana / Base (+4) |
| sUSDS Sky Savings Token | Sky (MakerDAO) | ~3.8% checked 9 Nov 2026 | None | No KYC on a DEX | — | Ethereum (+Solana, Base) |
| USDC USD Coin | Circle | No yield | — | No KYC on a DEX | Authorised · ACPR (France) Circle Internet Financial Europe SAS source | Ethereum / Hyperliquid L1 / Solana (+154) |
Side by side
| USDS | sUSDS | USDC | |
|---|---|---|---|
| Where the yield comes from | — | Over-collateralized crypto loans + RWA/T-bills | — |
| Risk (our label) | — | Low | — |
| Custody | — | Self-custody | — |
| Liquidity | Traded on public markets — venues not verified | Instant, no lockup | Traded on public markets — venues not verified |
| KYC to mint with the issuer | No KYC | No KYC | KYC required |
| KYC to buy on a market | No KYC | No KYC | No KYC |
| KYC to redeem | No KYC | Not stated | KYC required |
| Assets under management | $7,039,445,103 circulating | — | $72,656,933,418 circulating |
| Jurisdiction | United States | — | United States |
| How to buy | On exchanges or on a DEX with a self-custody wallet (no KYC), or converted 1:1 from DAI in the Sky app. The yield comes from staking it as sUSDS, which earns the Sky Savings Rate. | Stake at app.sky.money or buy sUSDS on a DEX | On any exchange (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming 1:1 runs through Circle Mint, which is open to approved institutions only. |
More questions
Where does the yield come from?
sUSDS: Over-collateralized crypto loans + RWA/T-bills.
Which is the largest?
By size, USDC at $72.7B, followed by USDS at $7.0B. Size is not safety, but a larger product usually means a deeper market to sell into.
Are these yields fixed?
1 of 3 are variable: the rate moves with markets and is not guaranteed. The figures on this page were last checked between 2026-10-11 and 2026-11-09.