USDS is the rebranded DAI under Sky protocol (formerly MakerDAO). Same battle-tested multi-collateral backing with 1:1 conversion from DAI. Part of the Sky ecosystem rebrand.
Market Cap
$9.56B
Peg Deviation
+0.013%
Regulatory Grade
C+
Regulatory Score
56/100
Issuer & Reserve Details
Issuer
Sky (formerly MakerDAO)
Issuer Type
Decentralized DAO
Treasury Transparency
On-Chain
Backing Type
Hybrid
Reserve CompositionRebranded DAI under Sky protocol. Same multi-collateral backing: ETH, WBTC, stETH, RWA (US Treasuries). 1:1 convertible with DAI.
Peg MechanismSame as DAI — over-collateralized vaults + PSM. Direct 1:1 upgrade path from DAI.
Regulatory Scorecard
Reserve CompositionCrypto-collateralized (not GENIUS compliant)
Partial11/20
Audit & TransparencyReal-Time (On-Chain) audits by Trail of Bits, Runtime Verification
Partial15/20
Redemption RightsCrypto-only redemption
Partial11/15
Issuer LicensingNo traditional license (DAO)
Non-Compliant2/15
Consumer ProtectionConsumer protections in place
Partial9/15
CLARITY ClassificationCrypto-backed — not a permitted payment stablecoin
Partial8/15
Reserve Assets
Overcollateralized Crypto
Audit Frequency
Real-Time (On-Chain) by Trail of Bits, Runtime Verification
Redemption
Instant (On-Chain)
License
DAO / No License
Classification
Crypto-Collateralized
Backing Ratio
150%
Top Yields for USDS
Source: DeFiLlama
| Platform | Chain | Type | Yield Source | APY | TVL | Safety | Links |
|---|---|---|---|---|---|---|---|
 bluefin-spot |  Sui | DeFi | Unknown | 36.25% | $431,611 | D · 40 | |
 morpho-v1 Multiple Audits |  Ethereum | DeFi | Lending | 8.34% | $1.2M | A · 88 | |
 navi-lending | Sui | DeFi | Unknown | 7.89% | $1.5M | D · 53 | |
 current | Sui | DeFi | Unknown | 7.52% | $339,475 | D · 49 | |
 yearn-finance Audited | Ethereum | DeFi | Vault Strategy | 6.93% | $223,223 | B · 79 | |
 convex-finance Audited | Ethereum | DeFi | Vault Strategy | 6.45% | $1.2M | B · 83 | |
yearn-finance Audited | Ethereum | DeFi | Vault Strategy | 5.97% | $1.8M | B · 83 | |
 scallop-lend | Sui | DeFi | Unknown | 5.97% | $116,756 | D · 49 |
Audit & Attestation History
No audit records available
Attestation reports will appear here when available
Disclaimer: Compliance scores are for informational purposes only and do not constitute financial or legal advice. Regulatory scores are based on the GENIUS Act (S.1582) and CLARITY Act (H.R.3633) frameworks using publicly available information. The GENIUS Act takes effect no later than January 18, 2027. Always conduct your own research.
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