USDS

USDS is a stablecoin issued within the decentralized Sky ecosystem, designed to maintain a value close to one U.S. dollar at all times. It is built for people who want to move, lend, or save value inside decentralized finance applications without relying on a traditional bank or broker. The problem it addresses is the need for a stable unit of account in crypto markets, where most other tokens fluctuate widely in price.

USDS lives across several blockchains simultaneously, including Ethereum, Solana, Arbitrum, and Base, allowing it to be used in different DeFi environments. Inside the Sky ecosystem, holders can convert USDS into sUSDS to earn interest generated by protocol revenue, or lock it to receive SKY governance tokens that influence how the protocol is run. The ecosystem also routes USDS through semi-autonomous sub-projects called Sky Stars, which extend the token's use into areas such as institutional credit and specialized lending.

The data does not include an explicit fee revenue figure for this protocol, so fee-based measures common on this site are not directly applicable here. What the data does show is that the stablecoin circulating supply tracked by this site stands at 7,095,311,040.45 USDS at this point in time, while the broader total circulating supply is 10,300,505,910.47 units. The 30-day change in that tracked circulating supply is 9.68 percent, reflecting how quickly new USDS has been minted or redeemed over that period. Interest paid to sUSDS holders is generated by protocol activity, but the specific revenue source and its magnitude are not captured in the stored data.