As of this week, Sky, the decentralized finance (defi) initiative beforehand acknowledged as Makerdao, has witnessed its newly launched stablecoin, USDS, cross the $2 billion threshold. Among the many high ten stablecoins, it noticed the biggest provide growth final month.
Sky’s USDS climbs into the highest 5 whereas DAI holds agency
Sky’s stablecoin, USDS, has recorded a 99% development in provide over the previous 30 days, in accordance with stablecoin statistics from defillama.com. As a relative newcomer to the stablecoin market, USDS operates alongside DAI and makes use of an change fee of 1:1.
Knowledge from Sky’s web site signifies that there are at the moment 2.02 billion USDS in circulation, of which 1.23 billion comes from DAI swap upgrades. Regardless of the speedy growth of USDS, DAI additionally noticed development final month, with provide growing 4.49% to 4.719 billion cash, as famous by defillama.com.

Supply: Sky web site.
DAI is accessible throughout a a lot wider vary of blockchains, whereas USDS is at the moment deployed on Ethereum, Base and Solana. Measured by market capitalization, USDS has now claimed fifth place, just under DAI, which ranks fourth.

Supply: Sky web site.
A key distinction between the 2 is that USDS holders can earn an annual fee of return (APY) on their holdings. As of now, Sky’s web site is promoting an APY of 12.50% for USDS.
Nevertheless, the platform features a disclaimer highlighting that the Sky Financial savings Price (SSR) is variable, managed by Sky Ecosystem’s decentralized onchain administration, and configured on the Ethereum blockchain. Collectively, the circulating shares of DAI and USDS characterize a mixed worth of $6.83 billion.
Sky as a complete reviews a complete worth (TVL) of roughly $14.5 billion as of January 18, 2025. Elsewhere within the stablecoin sector, different tokens comparable to the standard usd (USD0), Ethena’s USDE and USDX Cash’s USDX proceed to make progress as they attain their broaden presence. With Sky’s stablecoin USDS gaining notable prominence throughout the defi sector, its rising worth indicators a strengthening place.