USDS (Sky Dollar)USDS

The Sky protocol's upgraded version of DAI: a decentralized US-dollar stablecoin minted against collateral.

Rank #14Since September 2024

Price on 31 Oct 2026

C$1.40 -0.5% since 31 Jul 2026 · 6.1% below its all-time high

The short version

USDS is the Sky protocol's stablecoin (Sky was MakerDAO), launched 18 Sep 2024 as a 1:1 upgrade of DAI and governed by SKY token holders led by founder Rune Christensen. Protocol contracts mint it against collateral; depositors in the Sky Savings Rate earned about 3.8% on 2 Nov 2026. On 7 Oct 2026 Moody's gave Sky a B3 issuer rating, the first for a stablecoin protocol. On 31 Oct 2026 one USDS cost C$1.40. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.5% in Canadian dollars, and it was 6.1% below its all-time high of C$1.49 set on 2 Feb 2025.^[1]

Facts checked 2 Nov 2026 · 13 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.43 (12 Oct 2026) · low C$1.35 (29 Jan 2026) · -0.6%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.40	US$1.00
30 Sep 2026	C$1.42	US$0.9995
31 Aug 2026	C$1.39	US$0.9999
31 Jul 2026	C$1.40	US$1.00
30 Jun 2026	C$1.42	US$0.9998
31 May 2026	C$1.38	US$0.9999
30 Apr 2026	C$1.36	US$0.9993
31 Mar 2026	C$1.39	US$0.9995
28 Feb 2026	C$1.36	US$0.9997
31 Jan 2026	C$1.36	US$0.9994
31 Dec 2025	C$1.37	US$0.9997
30 Nov 2025	C$1.40	US$0.9997

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.40^[1]
3-month change: -0.5% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 6.1% below its high of C$1.49 (2 Feb 2025)^[1]
Market rank: #14, market value about C$13.4B^[1]
Kind: Stablecoin · Ethereum (ERC-20, upgradeable proxy); bridged via SkyLink to Base, Arbitrum and Solana
Started: September 2024

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?NoMinted only by protocol contracts authorised through Sky governance votes; no company key^{[2, 3]}

Can anyone freeze or take coins from holders?NoNo blacklist or pause function; governance could add one through an upgrade^{[2, 4]}

Can the token's contract code be changed?YesUpgradeable proxy contract on Ethereum^[5]

Is the supply capped?NoNo maximum; supply follows loans against collateral^[6]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations^[3]

Does a team or foundation hold over 10% of supply?NoNo team or investor allocation; USDS exists only against collateral^[6]

Do network fees reach coin holders?YesDepositors in the Sky Savings Rate earned about 3.8% from protocol revenue on 2 Nov 2026^[7]

Main network hacked or halted in the past 2 years?NoNo exploit of Sky contracts; a 6 Oct 2026 keeper-bot loss (US$538K) was third-party^[8]

Is a regulator or court case targeting the coin itself?NoNo enforcement action found; the EU wind-down follows a general ESMA opinion^[9]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Sky governance (SKY holders); founder Rune Christensen; no single issuing company^[3]
Contract powers: Mint restricted to 'wards' set by governance; no blacklist or pause; the proxy can be upgraded by governance^{[2, 5]}
Freeze function: None at launch; Christensen said in Sep 2024 that governance could add one later^[4]

Supply

In circulation: 9.56B USDS^[1]
Maximum supply: None set^[1]
Outstanding: US$6.39B on Ethereum on 2 Nov 2026, down from US$6.71B a month earlier^[6]
Backing: Crypto-backed per DefiLlama; minted by protocol contracts against collateral posted in Sky vaults^{[6, 2]}
Attestation: None; collateral is visible on-chain^[6]

Use and fees

Savings rate: sUSDS paid about 3.8% a year on 2 Nov 2026 from protocol revenue; restricted in the US and UK^{[7, 3]}
Protocol fees: US$385M over the past year (Sky Lending), of which about US$55M went to token holders^[10]

Trading

Daily trading: About C$222.2M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 1.59% of its market value changes hands each day^[1]
20-week average: 0.1% above its 20-week average price^[1]
1-year change: -0.0% in C$^[1]^[11]

History

Not a forecast

Coins ranked 11-50 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 1,080 cases, 157 coins

46% were higher a year later^[12]

Typical result: Median -6% after a year; 61% higher after two years
Lost half or more: 25% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

No red flags found

Moody's rated Sky B3 with a stable outlook on 7 Oct 2026, the first rating for a stablecoin protocol.^[13]
ESMA's Oct 2026 opinion requires EU providers to wind down services for stablecoins without MiCA authorisation, such as DAI, by about Jan 2027; USDS has the same issuer.^[9]
USDS was built upgradeable so governance could add a freeze function; Christensen said in Sep 2024 it was 'impossible to tell' when or if that happens.^[4]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.