Profile
USDS profile facts
Sky Dollar (USDS) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
- Collateral
- Shared Sky/Maker balance sheet with DAI: measured canonical USDC in the LitePSM, Spark lending, Grove RWA, Obex and Osero allocator strategies, Core crypto vaults, Staking Engine, and legacy RWA. Group-debt shares drift with allocation changes; DAI and USDS do not hold separate copies of the same USDC stock.
- Peg mechanism
- Peg Stability Modules enabling 1:1 swaps with USDC and DAI
- Jurisdiction
- Not disclosed in the static profile.
- Proof of reserves
- No proof-of-reserves entry in the static profile.
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
USDS quick answers
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What is Sky Dollar (USDS)?
USDS is Sky's upgraded successor to DAI, minted 1:1 from DAI or against the same Maker vault system of RWA, USDC, and crypto collateral. The static profile records its US Dollar peg mechanism as: Peg Stability Modules enabling 1:1 swaps with USDC and DAI.
Is USDS safe?
As of Oct 25, 2026, Pharos grades USDS B+ (75/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs USDS?
Pharos records USDS's reserves as of Sep 29, 2026 as 39.4% USDC (Sky LitePSM), 33.6% Spark (lending), 16.7% Grove (RWA), and 5 smaller holdings. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.
Can USDS be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.
How do you redeem USDS?
Under the route Pharos reviewed on Mar 30, 2026, any holder can redeem USDS for USDC. Redemption settles atomically on-chain. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.
