---
title: "Sky Dollar (USDS) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usds-sky/"
description: "Build-time stablecoin profile for Sky Dollar (USDS). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Sky Dollar (USDS)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Sky Dollar still commands the single best {{term:redemption}}redemption{{/term}} infrastructure in stablecoins: a permissionless {{term:psm}}PSM{{/term}} with atomic, zero-fee settlement and nearly half of total supply available as immediate exit capacity — no other stablecoin at scale offers anything close. The B+ safety grade now reflects strength tempered by where the cracks actually are, with the reserve mix of 38% stablecoins via PSM, 28% Spark lending {{term:cdp}}CDP{{/term}} positions, and 23% Grove {{term:rwa}}RWA{{/term}} providing genuine diversification rather than the concentration risk that plagues most competitors. The peg itself is the easy part — USDS sits at the calm end of the stress scale and clears its worst sub-day wobbles within hours, with only a handful of brief deviations across the rolling window. The yield-to-risk story through the Sky Savings Rate still rewards holders without the exotic risk profiles that higher-yielding alternatives require. The structural dependency on USDC as mechanism-critical PSM collateral remains the one tension in a DAO-governed system that aspires to monetary sovereignty — roughly a third of Sky Dollar's backing ultimately traces back to Circle's banking relationships, with {{term:overcollateralization}}overcollateralized{{/term}} Maker vaults backing the rest.

## Collateral

RWA (U.S. Treasuries ~40%), USDC via PSM (~30%), crypto (ETH/wstETH ~20%), other vaults; USDS is the upgraded DAI (1:1 swap), same vault system

## Peg Mechanism

Peg Stability Modules enabling 1:1 swaps with USDC and DAI

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xdc035d45d973e3ec169d2276ddab16f1e407384f` | 18 |
| arbitrum | `0x6491c05a82219b8d1479057361ff1654749b876b` | 18 |
| base | `0x820c137fa70c8691f0e44dc420a5e53c168921dc` | 18 |
| solana | `USDSwr9ApdHk5bvJKMjzff41FfuX8bSxdKcR81vTwcA` | 6 |
| optimism | `0x4f13a96ec5c4cf34e442b46bbd98a0791f20edc3` | 18 |
| unichain | `0x7e10036acc4b56d4dfca3b77810356ce52313f9c` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usds-sky.