Sky Review
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By DifiCalc Research Team · Published Sep 20, 2026 Data verified Sep 20, 2026 via DeFiLlama
Maker's successor — USDS and the Sky Savings Rate, built on a decade of decentralized stablecoin history
Best for: Conservative stablecoin users who want yield funded by real protocol revenue without giving up decentralization
Risk Assessment
USDS and DAI together total roughly $9.8B (September 2026), with sUSDS at $4.4-5.5B earning a Sky Savings Rate near 3.6% and protocol collateral of about $12.3B. Rated A rather than A+ because the savings rate is variable and set from protocol surplus, the multi-token Endgame architecture (USDS, SKY, DAI, MKR) is complex, and governance participation is low relative to protocol size; the Maker lineage itself has a ten-year, no-loss record.
Fees
| Protocol | no fees on sUSDS savings; protocol revenue funds the Sky Savings Rate |
| Withdrawal | sUSDS withdrawals are instant and free |
Top Markets
| Asset | Type | Utilization | 30d APY |
|---|---|---|---|
| sUSDS | savings | — | 3.6% |
| stUSDS | savings | — | 5.1% |
| USDS Morpho Vault | lending | 74% | 4.6% |
| PT-sUSDS | fixed yield | — | 5.1% |
Strengths
- ✓Decade-long MakerDAO-to-Sky track record with no protocol-wide loss of user funds
- ✓Largest rate-bearing stablecoin, with roughly $4.4-5.5B in sUSDS
- ✓Deep institutional collateral through Prime Agent vaults (BlackRock, PayPal, Securitize, Galaxy)
- ✓Audited repeatedly by ChainSecurity, Trail of Bits, OpenZeppelin and Certora
Weaknesses & Risks
- !The Sky Savings Rate is variable and funded from surplus, so it can be cut
- !A complex multi-token ecosystem can confuse newcomers
- !Governance turnout is low compared with the size of the protocol
Compare Sky with alternatives
Sky FAQ
What is Sky?
Sky is a stablecoin protocol, founded in 2024, live on ethereum, solana, base, arbitrum, optimism. Maker's successor — USDS and the Sky Savings Rate, built on a decade of decentralized stablecoin history
What APY can I earn on Sky?
Current yields typically range from 3% to 6.5% APY, with a typical rate around 4.2%. APY varies with market conditions, utilization and token emissions — always verify live rates before depositing.
Is Sky safe?
DifiCalc risk grade: A. USDS and DAI together total roughly $9.8B (September 2026), with sUSDS at $4.4-5.5B earning a Sky Savings Rate near 3.6% and protocol collateral of about $12.3B. Rated A rather than A+ because the savings rate is variable and set from protocol surplus, the multi-token Endgame architecture (USDS, SKY, DAI, MKR) is complex, and governance participation is low relative to protocol size; the Maker lineage itself has a ten-year, no-loss record. Audits: ChainSecurity, Trail of Bits, OpenZeppelin, Certora. As with all DeFi, smart-contract and market risk remains — never deposit more than you can afford to lose.
What fees does Sky charge?
Protocol: no fees on sUSDS savings; protocol revenue funds the Sky Savings Rate. Withdrawal: sUSDS withdrawals are instant and free.
Run the numbers yourself
Model a real Sky position with our free yield calculator — no signup.
Information last reviewed in 2026. APY figures are indicative ranges from protocol data and may differ from live rates. This page is for informational purposes only and is not financial advice.