Bubble
USDS USDS
USDS (USDS) was trading at $0.9998, ranked #13 by market cap at $9.91B, with 24h volume of $110.77M.
Data snapshot: 2026-07-22 18:00 UTC.
USDS is the flagship stablecoin of Sky Protocol (formerly MakerDAO), soft-pegged to the US dollar and backed by a mix of over-collateralized crypto, tokenized real-world assets and reserves held through its Peg Stability Module. It replaced DAI as Sky's forward-facing brand during the protocol's 2024 rebrand, though the two remain functionally equivalent and convertible 1:1. USDS is the stablecoin of the rebranded Sky protocol, the successor to MakerDAO, and it is designed to be interchangeable with the earlier DAI while adding features the newer system needed — including a savings rate and the option of freeze functionality that DAI did not have. That last point is not a detail: it changes the risk profile for anyone who chose DAI specifically because no issuer could interfere. On this map USDS sits with the stablecoin group; what its market cap tracks is how much of the Sky system's collateral base has migrated to the new token.
What is the relationship between USDS and DAI?
USDS is the stablecoin of Sky, the rebranded successor to MakerDAO, and is designed to be exchangeable with DAI. Both remain in circulation.
What is the savings rate?
A yield paid on deposited USDS, funded by revenue the protocol earns on its collateral. The rate is set by governance and changes over time.
Does USDS have a freeze function?
The newer system includes the technical option, which the older DAI design did not. That is a meaningful difference for users who chose DAI for censorship resistance.
Why does its market cap grow while DAI's shrinks?
Because holders migrating from the older token to the newer one moves supply between the two rather than creating new demand.
Market cap decides how big a bubble is drawn, so rank is what places USDS on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #3 | Tether (USDT) | $184.09B |
| #5 | USDC (USDC) | $73.18B |
| #13 | USDS (USDS) | $9.91B |
| #14 | Binance Bridged USDT (BNB Smart Chain) (BSC-USD) | $9.17B |
| #18 | Dai (DAI) | $4.63B |