sUSDS
A liquid staking token for Sky Dollar.
The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About sUSDS
Analysis of 5 Feb 2026sUSDS is the yield-bearing savings token of Sky Protocol (formerly MakerDAO), representing USDS deposits earning the Sky Savings Rate (SSR). As of February 5, 2026, sUSDS maintains a market cap of $4.60 billion with a circulating supply of 4.25 billion tokens and approximately 76,152 holders (as of January 14, 2026).
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The token price reached an all-time high of $1.08 on January 8, 2026, currently trading around $1.082. The SSR is currently 4.5% APY as of February 2026, with the Sky Savings platform TVL at $4 billion.
The Sky Frontier Foundation released its Q4 2025 Update and 2026 Outlook on February 2, 2026, projecting growth: $611 million in gross protocol revenue (81% year-over-year growth) and $158 million in protocol profits (198% year-over-year growth), with USDS supply estimated to nearly double to $20.6 billion. The combined USDS and DAI stablecoin supply reached $9.2 billion, making it the third-largest stablecoin and largest yield-generating stablecoin globally.
The 2025 performance showed 86% USDS supply growth from $5.3 billion to $9.86 billion, outpacing 50% global stablecoin market expansion, with operational expenses reduced by 61.5% and annualized profits reaching $168 million. The token auto-compounds yield directly in wallet balances without staking requirements or lock-ups.
Built on the ERC-4626 standard, sUSDS offers instant redemption and full DeFi composability across Ethereum, Base, and Solana.