USDS

USDS is a stablecoin issued by the Sky decentralized-finance ecosystem, designed to keep its value close to one U.S. dollar at all times. It is intended for people who want to move value through DeFi applications, such as lending, borrowing, or saving, without relying on a traditional financial intermediary. The asset targets anyone who needs a stable unit of account or medium of exchange inside on-chain financial protocols.

USDS is a fiat-backed stablecoin that exists across several blockchains, including Ethereum, Solana, Arbitrum, and Base, meaning the token is issued and redeemable in exchange for collateral held by the protocol. Within the Sky ecosystem, holders can convert USDS into sUSDS to receive interest generated from protocol revenue, or lock it to receive SKY governance tokens, giving the token specific functional roles beyond simple transfer. The ecosystem also extends USDS utility through semi-autonomous sub-projects called Sky Stars, which apply the stablecoin in areas such as institutional credit and specialized lending.

The data provided does not include an explicit protocol fee rate, so no fee-per-transaction figure is available on this page. What the data does show is that holders who supply USDS to the sUSDS module earn interest drawn from protocol revenue, meaning the protocol itself collects revenue from its lending and savings activities and distributes a portion to participants. The stablecoin-circulating figure stands at 6,672,281,521.80 on a point-in-time basis, while the broader circulating supply is 9,780,771,792.94 USDS, reflecting that a portion of total supply is deployed across various protocol modules rather than freely circulating.