USDS (USDS) price today
USDS is the stablecoin of the Sky protocol, successor to MakerDAO: it aims to be worth 1 dollar and is issued by collateralized smart contracts, not by a bank or company.
USDS price now
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- Price in Brazilian reais (BRL)
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Market data source: CoinGecko, with a reference USD/BRL rate. Values can lag by a few minutes.
What is USDS?
USDS launched in 2024, when MakerDAO was renamed Sky. It is the upgraded version of DAI, and the two tokens can be converted into each other at a 1-to-1 rate.
It is a decentralized stablecoin: issuance rules are set by protocol governance, exercised by holders of the SKY token.
How USDS works
New USDS is created when users deposit collateral worth more than what they borrow. Reserves combine crypto assets, other stablecoins and allocations to real-world assets such as government securities.
Users who deposit USDS in the savings module receive sUSDS, which accrues a rate set by governance and paid from protocol revenue. That rate is variable.
What USDS is used for
- Dollar reserve inside decentralized finance applications.
- Yield through the Sky protocol's savings rate.
- Collateral for loans and liquidity on decentralized exchanges.
Risks and points of attention
- Smart contract and governance risk: rule changes depend on votes by SKY holders.
- Part of the backing sits in other stablecoins and off-chain assets, which carry issuer and counterparty risk.
- Temporary loss of the peg during market stress.
- The contract is upgradeable, which allows governance to add new functions, including the ability to freeze balances.
Key facts
| Symbol | USDS |
|---|---|
| Asset type | Stablecoin |
| Launch | 2024 |
| Issuer or organization | Sky protocol (formerly MakerDAO) |
| Network | Ethereum, with versions on other networks |
| Maximum supply | No cap: issued against deposited collateral |
Reference data checked on October 3, 2026 against CoinGecko and the project's official pages.
Official links
Frequently asked questions about USDS
What is the difference between USDS and DAI?
USDS is the newer version of the same stablecoin, created when MakerDAO rebranded to Sky. Both still exist and can be swapped 1 to 1 in the protocol.
What is sUSDS?
It is the token received when depositing USDS in Sky's savings module. It accrues yield at a variable rate set by governance.
Is USDS issued by a company?
No. It is issued by smart contracts against deposited collateral, under rules voted on by protocol governance.
Where does the USDS price on this page come from?
The panel shows the USDS price in US dollars and Brazilian reais, with change, volume and market capitalization. Data comes from CoinGecko, uses a reference exchange rate and can lag by a few minutes.