USDS (USDS) Price Today
USDS is the native stablecoin of the Sky Ecosystem, formerly known as MakerDAO. It is designed to maintain a value close to the U.S. dollar and serves as the upgraded successor to DAI. Sky describes USDS as a decentralized, collateral-backed stablecoin whose backing can be verified on-chain.
The live USDS price, market capitalization, trading volume, circulating supply, and price chart are displayed in the CoinMKTCap cryptocurrency widget above. Since USDS is designed to maintain a dollar peg, its market price normally trades close to $1, although temporary deviations can occur during periods of high market activity or changing liquidity conditions.
USDS Price Overview
USDS is one of the major decentralized stablecoins in the DeFi ecosystem. It emerged from the rebranding and upgrade of DAI as Maker Protocol transitioned to the Sky Ecosystem. CoinMarketCap identifies USDS as the upgraded stablecoin of Sky and records its relationship with DAI directly on the asset page.
| Metric | USDS |
|---|---|
| Token | USDS |
| Symbol | USDS |
| Type | Decentralized stablecoin |
| Ecosystem | Sky |
| Former token | DAI |
| Primary peg | U.S. dollar |
| Primary blockchain | Ethereum |
| Maximum supply | No fixed maximum |
| Circulating supply | Displayed live in the CoinMKTCap widget |
| All-time high | $1.58 |
| All-time high date | September 24, 2024 |
| All-time low | $0.9101 |
| All-time low date | October 18, 2024 |
CoinMarketCap currently lists USDS with a circulating supply of roughly 9.8 billion tokens and no fixed maximum supply. These figures can change as USDS is created, upgraded, redeemed, or otherwise removed from circulation.
What Is USDS?
USDS is the native stablecoin of the Sky Protocol. It was introduced as the successor to DAI during the Maker ecosystem’s transition to the Sky brand.
The purpose of USDS is straightforward: provide a blockchain-based dollar-denominated asset that can be used across decentralized finance while remaining connected to Sky’s collateral and governance infrastructure.
Sky states that USDS is backed by Protocol Collateral worth more than the amount of USDS in circulation. The protocol’s collateral and financial information can be monitored through on-chain and Sky ecosystem reporting systems.
Unlike a typical cryptocurrency whose market value is expected to fluctuate substantially against the dollar, USDS is intended to remain near $1. Its usefulness therefore comes primarily from its stability, liquidity, and ability to move through DeFi applications rather than from speculative price appreciation.
USDS and DAI: What Changed?
USDS is closely connected to DAI because it is the upgraded stablecoin introduced during the Maker-to-Sky transition.
CoinMarketCap explicitly states that DAI has been rebranded to USDS. Sky also allows users to upgrade DAI to USDS and convert USDS back to DAI through supported interfaces.
| Previous Ecosystem | Sky Ecosystem |
|---|---|
| MakerDAO | Sky |
| DAI | USDS |
| MKR | SKY |
| DAI Savings Rate | Sky Savings Rate |
| Maker Protocol | Sky Protocol |
The transition does not mean that DAI’s historical importance disappears. DAI has a long trading and DeFi history dating back years before USDS was introduced. For that reason, historical price records for the USDS page need to be interpreted carefully: USDS-specific market data begins with the rebranded asset, while older DAI data belongs to the predecessor token.
How Does USDS Maintain Its Dollar Peg?
USDS is designed to maintain a 1:1 relationship with the U.S. dollar through Sky’s collateral and stability mechanisms.
Sky states that its Peg Stability Module supports 1:1 conversion mechanisms between USDS and supported stablecoins such as USDC. This provides an important arbitrage and liquidity mechanism around the intended $1 value.
When market conditions push USDS above or below its target, market participants and protocol mechanisms can create opportunities that help move the token back toward its intended value.
The result is not a guarantee that USDS will always equal exactly $1. Market prices can temporarily move away from the peg, particularly when liquidity conditions change quickly.
USDS Collateral and Sky Protocol
The Sky Protocol uses collateral and decentralized governance to support its stablecoin system.
USDS is not simply a token representing dollars held in a conventional bank account. Instead, its monetary architecture is built around blockchain-based collateral, protocol rules, governance, and financial strategies.
Sky describes USDS as being backed by diversified Protocol Collateral. The protocol’s financial information is designed to be verifiable on-chain, providing transparency into the assets and positions supporting the ecosystem.
This structure makes USDS part of the broader decentralized-finance infrastructure rather than simply a digital representation of a bank deposit.
What Is USDS Used For?
USDS can be used for many of the same activities for which traders and DeFi users use other major stablecoins.
Trading
USDS provides a dollar-denominated asset for cryptocurrency trading pairs. Because its value is intended to remain close to $1, users can move into a stable asset without necessarily exiting the crypto ecosystem.
DeFi Liquidity
USDS can be supplied to decentralized applications, liquidity pools, lending markets, and other DeFi protocols where supported.
Payments and Transfers
USDS can be transferred between blockchain addresses without using traditional banking rails. Transfer speed and transaction costs depend on the network being used.
Savings and Yield Strategies
USDS can be used as the underlying asset for Sky’s savings products. Users seeking the Sky Savings Rate can convert or supply USDS into sUSDS, the yield-generating version of the asset.
USDS vs sUSDS
USDS and sUSDS are related but serve different purposes.
USDS is the base stablecoin. Its objective is to maintain a value around $1.
sUSDS is a yield-generating token representing access to the Sky Savings Rate. Sky explains that sUSDS is not itself pegged to $1; instead, each sUSDS token becomes redeemable for a growing amount of USDS as the savings rate accrues.
| Feature | USDS | sUSDS |
|---|---|---|
| Main purpose | Stablecoin | Yield-bearing stablecoin |
| Intended value | Around $1 | Value accrues against USDS |
| Yield automatically included | No | Yes |
| Underlying asset | — | USDS |
| Sky Savings Rate exposure | Through eligible products | Directly represented |
| Liquidity | Broad | Redeemable for USDS |
Sky currently describes the Sky Savings Rate as a variable protocol rate funded from aggregate Sky Protocol surplus.
USDS Tokenomics
USDS does not use a traditional fixed maximum-supply model like Bitcoin.
Instead, the supply can expand or contract according to activity within the Sky ecosystem and the mechanisms governing issuance, conversion, collateral, and redemption.
| Tokenomics Metric | USDS |
|---|---|
| Token type | Stablecoin |
| Target value | $1 |
| Maximum supply | No fixed maximum |
| Supply mechanism | Dynamic |
| Predecessor | DAI |
| Governance ecosystem | Sky |
| Governance token | SKY |
| Main collateral framework | Sky Protocol |
CoinMarketCap currently reports approximately 9.8 billion USDS in circulation and identifies the maximum supply as unlimited.
Because supply is dynamic, changes in USDS circulation should not automatically be interpreted as speculative buying or selling. Stablecoin supply can increase when users create or convert into USDS and decrease when tokens are redeemed or removed from circulation.
USDS Historical Price Data
USDS has a distinctive historical-price profile because it is a stablecoin and because its introduction occurred during the transition from DAI to USDS.
CoinMarketCap records the USDS all-time high at $1.58 on September 24, 2024 and the all-time low at $0.9101 on October 18, 2024.
| Historical Record | Price | Date |
|---|---|---|
| All-time high | $1.58 | September 24, 2024 |
| All-time low | $0.9101 | October 18, 2024 |
| Intended long-term target | Approximately $1 | Ongoing |
The unusually large deviation during September and October 2024 occurred around the early period of the USDS transition. Subsequent market history has generally remained much closer to the intended dollar value.
Current USDS data shows the token trading around $1, with only small short-term fluctuations.
USDS Historical Price Timeline
Rather than presenting fabricated daily OHLC values, the following timeline focuses on verified milestones in the USDS ecosystem.
| Date / Period | USDS Development |
|---|---|
| September 2024 | USDS introduced as part of the Maker-to-Sky transition |
| September 24, 2024 | CoinMarketCap-recorded all-time high of $1.58 |
| October 18, 2024 | CoinMarketCap-recorded all-time low of $0.9101 |
| 2025 | USDS supply and Sky ecosystem adoption expanded |
| 2025 | USDS expanded to additional blockchain infrastructure |
| Q1 2026 | Sky reported USDS supply reaching approximately $11.70 billion |
| April 2026 | Binance completed its DAI-to-USDS conversion and opened USDS deposits and withdrawals |
| 2026 | USDS continued expanding across centralized and decentralized markets |
Sky reported that USDS supply reached approximately $11.70 billion at the end of Q1 2026, demonstrating substantial growth in the stablecoin’s ecosystem usage.
Binance subsequently completed its DAI-to-USDS conversion in April 2026 at a 1:1 ratio and opened USDS deposits and withdrawals.
USDS Supply Growth
USDS supply can be an important metric for understanding adoption.
Unlike the price of a conventional cryptocurrency, which may rise because market participants expect future appreciation, a stablecoin’s market capitalization is heavily influenced by how much of the token is actually in circulation.
An expanding USDS supply can indicate increasing demand for the token as collateral, trading liquidity, settlement capital, savings capital, or DeFi infrastructure.
Sky reported USDS supply of approximately $11.70 billion at the end of Q1 2026. CoinMarketCap’s current circulating-supply figure can differ because supply changes continuously and data providers update their figures at different times.
USDS Across Multiple Blockchains
USDS is not limited to a single blockchain environment.
Coinbase currently lists USDS addresses on networks including Ethereum, Arbitrum, Base, and Solana.
Multi-chain availability allows USDS to be used across different DeFi ecosystems while maintaining the same underlying stablecoin identity.
| Network | USDS Availability |
|---|---|
| Ethereum | Yes |
| Arbitrum | Yes |
| Base | Yes |
| Solana | Yes |
| Other supported networks | Depends on current Sky integrations |
Users should always verify the network and contract address before transferring USDS because sending tokens through an unsupported network or to an incompatible address can result in permanent loss.
USDS Contract Address
For the Ethereum version of USDS, CoinMarketCap currently lists the contract beginning with:
0xdC035D45d973E3EC169d2276DDab16f1e407384F
Coinbase also identifies this Ethereum USDS address while listing separate addresses for networks such as Solana, Base, and Arbitrum.
Always verify the exact network and contract address from the official Sky interface or the receiving exchange before making a transfer.
Where Can You Buy USDS?
USDS is available through centralized exchanges as well as decentralized applications.
Coinbase
Coinbase currently supports USDS and provides a dedicated USDS buying interface. Its India-facing USDS page also identifies USDS as the decentralized, collateral-backed stablecoin native to Sky and the successor to DAI.
Users can purchase USDS through supported payment methods and trading markets, subject to Coinbase’s regional availability and restrictions.
Kraken
Kraken currently provides USDS services, including an India-specific page explaining how users can sell USDS and cash out through supported funding options. Availability of specific trading and funding features depends on the user’s jurisdiction.
Binance
Binance completed its DAI-to-USDS conversion in April 2026 and opened USDS deposits and withdrawals. The exchange also introduced USDS spot markets including BTC/USDS, ETH/USDS, and USDS/USDT.
Sky
Users can also obtain or convert USDS through the Sky ecosystem. Sky supports upgrading DAI to USDS and converting supported stablecoins such as USDC into USDS at a 1:1 ratio through eligible interfaces.
Can You Buy USDS in India?
USDS is accessible through crypto platforms that support the asset in India, although exact trading pairs, payment methods, and product availability can vary by exchange and regulatory requirements.
Coinbase’s India website currently lists USDS and provides a buy interface. Kraken also has an India-specific USDS page.
Indian users should check the current exchange interface before trading because stablecoin availability, deposit methods, withdrawals, and local restrictions can change.
USDS Fees
USDS itself does not have a single universal trading fee because costs depend on how and where the token is acquired or transferred.
| Activity | Possible Cost |
|---|---|
| Centralized exchange purchase | Exchange trading fee |
| Ethereum transfer | Ethereum network gas |
| Arbitrum transfer | Arbitrum network fee |
| Base transfer | Base network fee |
| Solana transfer | Solana network fee |
| DEX swap | Network gas plus DEX liquidity/swap fees |
| Sky conversion | Protocol/network costs may apply |
The actual cost therefore depends on the platform, network, liquidity conditions, and transaction size.
Advantages of USDS
Dollar-Denominated Stability
USDS is designed to maintain a value close to one U.S. dollar, making it useful for users who want to hold dollar-denominated value on-chain.
DeFi Integration
Because USDS is native to the Sky ecosystem, it can interact with a broad range of decentralized-finance infrastructure.
Transparent Collateral Framework
Sky states that USDS is backed by Protocol Collateral and that relevant financial information can be verified on-chain.
Multiple Blockchain Networks
USDS is available across multiple blockchain environments, including Ethereum, Arbitrum, Base, and Solana.
Access to Sky Products
USDS serves as the underlying asset for products such as sUSDS, which provides access to the Sky Savings Rate.
Risks of USDS
USDS is designed to be stable, but stablecoins are not risk-free.
De-Peg Risk
USDS can trade above or below $1. Its historical record includes a high of $1.58 and a low of $0.9101, showing that significant deviations can occur under certain market conditions.
Smart-Contract Risk
USDS relies on smart contracts and decentralized infrastructure. Software vulnerabilities or unexpected protocol behavior could affect users.
Collateral Risk
The stability of USDS depends partly on the collateral and financial mechanisms supporting Sky Protocol. Changes in collateral quality, liquidity, or market conditions can affect the broader system.
Governance Risk
Sky is governed through decentralized governance involving SKY holders. Governance decisions can influence parameters, incentives, risk management, and the future development of the protocol.
Regulatory Risk
Stablecoins face evolving regulatory frameworks around the world. Rules affecting stablecoin issuance, trading, DeFi, or access to yield products can change the availability of USDS services in particular jurisdictions.
USDS vs USDT vs USDC
USDS, USDT, and USDC are all designed to track the U.S. dollar, but their underlying structures and ecosystems differ.
| Feature | USDS | USDT | USDC |
|---|---|---|---|
| Primary issuer/ecosystem | Sky | Tether | Circle |
| Stablecoin model | Decentralized / collateral-backed | Fiat and asset-backed | Fiat and asset-backed |
| Dollar target | $1 | $1 | $1 |
| DeFi orientation | Strong | Broad | Strong |
| Governance | Sky governance | Tether | Circle |
| Predecessor | DAI | — | — |
| Native Sky savings integration | Yes | No | No |
The biggest distinction is that USDS is closely integrated with a decentralized protocol and its collateral, governance, and DeFi infrastructure, whereas USDT and USDC are issued by centralized companies.
USDS vs DAI
USDS is best understood as the successor and upgraded form of DAI within the Sky ecosystem.
| Feature | DAI | USDS |
|---|---|---|
| Ecosystem | Maker | Sky |
| Current status | Legacy/predecessor stablecoin | Native Sky stablecoin |
| Dollar target | $1 | $1 |
| Governance ecosystem | MakerDAO | Sky |
| Savings product | DAI Savings Rate | Sky Savings Rate / sUSDS |
| Conversion | Can convert to USDS | Can convert back to DAI through supported interfaces |
CoinMarketCap explicitly notes that DAI has been rebranded to USDS, while Sky states that users can upgrade DAI to USDS and convert USDS back to DAI.
USDS Frequently Asked Questions
What is USDS?
USDS is the native stablecoin of the Sky Ecosystem and the upgraded successor to DAI. It is designed to maintain a value close to the U.S. dollar and is backed by collateral within the Sky Protocol.
Is USDS the same as DAI?
USDS is the successor to DAI within the Sky ecosystem. Sky supports conversion between DAI and USDS through eligible interfaces, while CoinMarketCap identifies DAI as having been rebranded to USDS.
What is the USDS price?
USDS is designed to trade around $1. The current live price is displayed in the CoinMKTCap widget above and can change slightly as market conditions and liquidity fluctuate.
What was the highest USDS price?
CoinMarketCap records the USDS all-time high at $1.58 on September 24, 2024.
What was the lowest USDS price?
CoinMarketCap records the USDS all-time low at $0.9101 on October 18, 2024.
Does USDS have a maximum supply?
USDS does not have a fixed maximum supply. CoinMarketCap currently lists its maximum supply as unlimited.
What blockchain is USDS on?
USDS is available across multiple blockchain networks. Coinbase currently lists Ethereum, Arbitrum, Base, and Solana addresses for USDS.
Does USDS earn interest automatically?
USDS itself is the base stablecoin and does not automatically represent the same yield-bearing structure as sUSDS. Sky describes sUSDS as the yield-generating stablecoin that represents access to the Sky Savings Rate.
What is sUSDS?
sUSDS is Sky’s yield-generating stablecoin. Users supply USDS and receive sUSDS, with the token’s value accruing against USDS as the Sky Savings Rate is applied.
Where can I buy USDS?
USDS can be purchased or obtained through supported platforms including Coinbase, Kraken, Binance, and the Sky ecosystem, subject to regional availability.
Can I buy USDS in India?
USDS is listed on Coinbase’s India website, and Kraken also provides an India-specific USDS page. Actual trading, deposit, withdrawal, and payment options depend on the user’s account and current regional restrictions.
Is USDS a cryptocurrency?
Yes. USDS is a blockchain-based cryptocurrency and stablecoin. Unlike volatile cryptocurrencies whose value can fluctuate significantly, USDS is designed to maintain a stable value close to the U.S. dollar.
Is USDS safe?
USDS is designed with collateral and protocol mechanisms intended to support its dollar peg, but no stablecoin is completely free of risk. Users should consider smart-contract, collateral, governance, liquidity, de-pegging, regulatory, and platform risks before using USDS.
USDS Price Summary
USDS is the native stablecoin of the Sky Ecosystem and the successor to DAI. Its primary objective is not price appreciation but maintaining a value close to the U.S. dollar while providing a programmable dollar-denominated asset for decentralized finance.
The token sits at the center of Sky’s broader ecosystem, supporting DeFi liquidity, collateralized financial activity, cross-chain applications, and access to products such as sUSDS and the Sky Savings Rate.
USDS has experienced periods of significant deviation from its $1 target, including its recorded $1.58 all-time high and $0.9101 all-time low in 2024. Since then, the asset has generally traded much closer to its intended dollar value.
For the latest USDS price, market cap, 24-hour volume, circulating supply, and live chart, use the CoinMKTCap live cryptocurrency widget above.