USDS
USDS
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
Whale Pulse
Large transaction flow (>$10k)
24h Whale Volume
$0.0k
Sentiment
Accumulation
Recent DEX Trades
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Comprehensive evaluation of the token
USDS is the USD-pegged decentralized stablecoin of the Sky Protocol (formerly MakerDAO) and the successor to DAI, boasting a circulating supply of roughly $9.7B across Ethereum, Solana, Base, and Arbitrum. Tokenomics and market position are robust, supported by overcollateralization, the Peg Stability Module (PSM), and yield mechanics via sUSDS (which received a 'Secured' audit rating from EtherAuthority in May 2026). While USDS has maintained strong liquidity and active on-chain governance, areas of moderate concern include proxy upgradeability/freezing controls, a historical mild depeg to $0.9483, lack of recent developer commit visibility, and counterparty exposure to external DeFi protocols (such as the April 2026 Drift Protocol exploit where USDS was among stolen vault assets). No protocol-level hacks or regulatory actions were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About USDS (USDS)
USDS is a decentralized USD-pegged stablecoin developed by Sky Protocol (formerly MakerDAO) as the successor to DAI, launched in August 2024. Operating across Ethereum, Base, Arbitrum One, and Solana, USDS serves as a primary stable asset within the Sky ecosystem. The stablecoin maintains an elastic, demand-driven supply of approximately 9.7 billion tokens, which are generated through overcollateralized vaults, the Peg Stability Module (PSM), and real-world asset backing.
The utility of USDS encompasses borrowing, on-chain liquidity, conversion through the PSM, and deployment into the Sky Savings Rate via the ERC-4626 sUSDS savings vault. Protocol governance is conducted on-chain by SKY token holders, continuing MakerDAO's decentralized governance framework. A smart contract security audit of the sUSDS contract completed by EtherAuthority in May 2026 assigned the vault a Secured rating with zero critical findings, though the core USDS token contract lacks separate third-party audit documentation in public records.
While the core USDS contracts have experienced no direct exploits, the token has faced specific operational and third-party risks. USDS recorded a historical peg deviation with an all-time low of approximately $0.9483. The token was also subject to external counterparty exposure in April 2026, when an exploit of the Solana-based Drift Protocol resulted in the theft of approximately $285 million across multiple assets, including USDS held in Drift vaults. Additional structural considerations identified in protocol evaluations include proxy upgradeability, a contemplated freeze mechanism, and transparency gaps regarding reserve attestations.