Sky Dollar

When MakerDAO rebranded to Sky in 2024, its long-running DAI stablecoin gained an upgraded twin: the Sky Dollar. USDS is a decentralized, collateral-backed dollar soft-pegged through the same onchain machinery, with DAI holders able to convert one-for-one and earn the Sky Savings Rate on tokens they lock. Backing comes from over-collateralized crypto vaults and real-world assets held by the protocol rather than a corporate treasury, and its peg-stability module lets anyone swap USDS against other dollars directly in a smart contract, no permission required. Supply scaled into the billions within months of launch, quickly placing it among the largest stablecoins. The token spans Ethereum, Solana and several layer-2 networks. It carries MakerDAO's Endgame ambition to grow beyond DAI while keeping redemption open and governance in the hands of token holders.