USDS token
Overview
USDS is a stablecoin issued by the Sky protocol (formerly MakerDAO), launched in August 2024 as part of its rebranding. Pegged to the US dollar, it is the upgrade of DAI — holders can convert DAI to USDS 1:1 via Sky's converter — and both tokens continue to circulate side by side, backed by the same collateral pool. USDS is live natively on Ethereum, Base, Arbitrum, Optimism, Unichain, and on Solana (via Wormhole NTT since November 2024).
Within the DeFi Intel graph, USDS connects to 19 tracked entities, most strongly to Ethereum, Solana, Arbitrum.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 19 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
deployed_on | Solana | 95% |
deployed_on | Arbitrum | 95% |
deployed_on | Base | 95% |
upgrade_of | Dai | 95% |
deployed_on | OP Mainnet | 95% |
issued_by | Sky Protocol | 95% |
issues | Sky Protocol | 95% |
deployed_on | Unichain | 95% |
In-depth guides on USDS
Frequently asked questions
What is USDS?
USDS is a stablecoin issued by the Sky protocol (formerly MakerDAO) as part of its 2024 rebranding. It is pegged to the US dollar and functions as a stable medium of exchange within the Sky ecosystem, alongside the existing DAI stablecoin.
What chains is USDS deployed on?
USDS is deployed on Ethereum, Base, OP Mainnet, Unichain, Arbitrum, and Solana.
Who issued USDS?
USDS is issued by the Sky Protocol (formerly MakerDAO).