Instruments · Payment Stablecoins

Sky Dollar

USDSDollar Stablecoin

No yield

Yield / return

Sky Dollar (USDS) is a stablecoin tracking the US dollar, crypto-backed, paying no yield. Trading -0.02% against one USD. About $7.0bn in circulation, on 7 chains (Ethereum, Solana, Base …).

What is USDS?

USDS is the dollar stablecoin of Sky, the protocol formerly called MakerDAO, and the successor of DAI: DAI converts one for one into USDS and back. USDS itself pays no interest. Deposited into the Sky Savings Rate it becomes sUSDS, which earns that rate. Like DAI, USDS is backed by collateral held in the protocol — crypto assets and real-world assets such as US Treasuries — not by money in a bank account.

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.

Who may buy is set by the issuer — check their terms.

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Price, yield or minimum: check with the provider

Our source lists what USDS is, and where it is held (Ethereum / Solana / Base (+4)) — but states no price, yield or minimum for it. Left empty here rather than estimated.

Key facts

Yield / return: No yield
Liquidity: Traded on public markets — venues not verified
KYC: To buy on a market: no KYC. To mint with the issuer: no KYC.
Figures verified: 2026-10-11

Details

Issuer: Sky (formerly MakerDAO)
Type: Dollar Stablecoin
Category: Payment Stablecoins
Pillar: Fixed Income
Network: Ethereum / Solana / Base (+4)
Jurisdiction: United States
AUM: $7,039,445,103 circulating
EU (MiCA): No issuer to authorise

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Questions about USDS and Payment Stablecoins

Buying USDS: common questions

How do I buy USDS?

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. The token runs on Ethereum / Solana / Base (+4).

Do I need KYC to buy USDS?

Not on the secondary market: USDS can be bought on a DEX without identity verification.

Can I buy USDS in the EU?

Not reliably. USDS has no central issuer that could be authorised under MiCA, and many EU-regulated platforms have stopped offering it. You can still swap into it on a DEX from your own wallet. Issued by the Sky protocol with no central issuer to authorise.