Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesUSDS (Sky)
Sky Dollar (USDS) is a crypto-collateralized stablecoin tracking the US dollar, created by the Sky protocol. It has no single legal issuer. It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- USDS
- Pegged to
- US dollar
- Type
- Crypto-collateralized
- E-money token under MiCA
- No
- Latest reserve report
- August 2026 (published September 17, 2026)
- Transparency page
- financial.skyeco.com
- Checked on
Backed by more than its supply in Sky Protocol collateral: other stablecoins held in the peg stability module, on-chain and OTC crypto lending, short-dated Treasury bills and other approved assets. Protocol collateral was $11.10 billion at the end of August 2026, against $9.53 billion of USDS and DAI combined. Reserve reporting: on-chain dashboards and monthly reports from the Sky Frontier Foundation. The latest report covers August 2026 (published September 17, 2026).
There is no issuer to redeem with. USDS converts 1:1 to USDC through the peg stability module and 1:1 to DAI, with no protocol fee (network fees apply), within limits set by governance. Sky lists 4 networks where the token is issued natively: Ethereum, Solana, Base and Arbitrum.
- Token name
- Sky Dollar
- Brand
- Sky
- Reserves
- Backed by more than its supply in Sky Protocol collateral: other stablecoins held in the peg stability module, on-chain and OTC crypto lending, short-dated Treasury bills and other approved assets. Protocol collateral was $11.10 billion at the end of August 2026, against $9.53 billion of USDS and DAI combined.
- Reserve reporting
- On-chain dashboards and monthly reports from the Sky Frontier Foundation
- Latest report
- insights.skyeco.com
- Redemption
- There is no issuer to redeem with. USDS converts 1:1 to USDC through the peg stability module and 1:1 to DAI, with no protocol fee (network fees apply), within limits set by governance.
- Networks (native issuance)
- Ethereum, Solana, Base, Arbitrum
- Number of networks
- 4
- Website
- sky.money
- Sources
Page URL Sky Protocol Docs - USDS token / DAI USDS converter https://developers.skyeco.com/protocol/tokens/usds/ Sky Protocol Docs - Protocol token routes https://developers.skyeco.com/quick-start/protocol-token-routes/ Sky Ecosystem - Products (USDS FAQ) https://www.skyeco.com/products Sky.money homepage (live supply/collateral) https://sky.money/ Sky.money blog - What is USDS (2026-06-12) https://sky.money/blog/what-is-usds Sky Ecosystem Insights - Sky documentation https://insights.skyeco.com/sky-documentation Sky Ecosystem: August 2026 Financial & Operational Update (published 2026-09-17) https://insights.skyeco.com/insights/sky-ecosystem-august-financial-operational-update Sky Ecosystem Q2 2026 Quarterly Report https://insights.skyeco.com/insights/sky-ecosystem-q2-2026-quarterly-report Sky Protocol Financial Dashboard https://financial.skyeco.com ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
