Assets · Other claim · issued by Sky
Dai (DAI)New
The original dollar token of the Maker (now Sky) protocol, still in circulation alongside USDS and convertible to it one for one. Launched as a crypto-collateralised token; the shared Sky backing is now mostly USDC in the peg module, tokenised funds and stablecoins held by the Spark and Grove allocators, and lending positions, with crypto vaults only about 5% (Sky data, 26 Oct 2026).
Issued through Sky USDS and DAI protocol dollars Live (scaled)
Classification · medium confidence
- Legal form
- Other claim from issuance terms
- Underlying
- Mixed · Government debt 37%, Government debt 2%, Government debt 0%, Government debt 3%, Government debt 1%, Corporate debt 4%, Corporate debt 1%, Crypto assets 5%, Private credit 1%, Undisclosed 46% (26 Oct 2026)
- Value behaviour
- Stable value · no income
- Ledger role
- Native
Other claim: a crypto-collateralised protocol dollar with no issuer and no par redemption right from a reserve (convertible 1:1 to USDS; a peg module swaps stablecoins). Breakdown is for the whole Sky system (USDS and DAI together, shares of $10,685m protocol debt on 26 Oct 2026): USDC in the LitePSM and Spark's PSM3 pools 37.3%; PYUSD and RLUSD held by Spark 2.6%; Grove's tokenised funds (JTRSY, BUIDL-I, JAAA, STAC) 8.7%; crypto vaults and the staking engine 5.1%; legacy RWA vault loans 0.7% (private-credit, approximate); the rest of the Spark, Grove, Obex and Osero allocations (lending and vault positions, an Anchorage position, idle balances) 45.6%, undisclosed here. No class over half, so mixed. Tracked tokens held: about $5,186m (48.5%). Lending and vault positions in tracked stablecoins (SparkLend, Morpho, Uniswap, about $1.5bn) are counted as undisclosed, not as holdings (run decision 2026-10-26-overlaps-1).
Sourced[2]. How assets are classified: methodology.
Contracts
No contract addresses recorded yet.
Sources
- [1]USDS Token and contracts associated — Sky Ecosystem (GitHub). Accessed 15 Oct 2026.B
- [2]Collateral groups and vaults (LitePSM, Spark, Grove, Obex, core vaults, staking engine, legacy RWA) — Sky Ecosystem info dashboard (data by Block Analitica), 26 Oct 2026. Accessed 26 Oct 2026. Read from the dashboard's public data feed (info-sky.blockanalitica.com, groups and ilks). 26 Oct 2026: total debt $10,685m; LitePSM (USDC) $3,971m; Spark allocator $3,749m; Grove allocator $1,928m; Obex $406m; core crypto vaults $389m debt against $1,420m collateral; staking engine $161m debt against $1,190m; legacy RWA vaults $75m; Osero $5m..A
- [3]Spark Liquidity Layer allocations — Spark (data by Block Analitica), 26 Oct 2026. Accessed 26 Oct 2026. Read from the page's public data feed (spark2-api.blockanalitica.com, sll assets and aum). 26 Oct 2026, held directly: PYUSD $242.2m, RLUSD $33.9m, USDC in the PSM3 pools on Arbitrum, Base, Optimism and Unichain about $12m; the rest is lending and vault positions (SparkLend, Morpho, Uniswap pools), an Anchorage position ($210m) and other allocations. No tokenised-fund holdings listed..A
- [4]Grove ALM proxy addresses, with token balances read via public RPC — Grove (contract list); balances read on chain. Accessed 26 Oct 2026. balanceOf() of the Grove ALM proxies Grove lists (Ethereum, Avalanche, Base, Plume) and the Spark ALM proxy, read 26 Oct 2026 via public RPC. Grove held 276.9m JTRSY, 124.8m JAAA (Ethereum) plus 250.0m JAAA (Avalanche), 119.6m BUIDL-I and 100,000 STAC; valued at the NAVs in the register (JTRSY about $1.119, JAAA about $1.052, BUIDL $1, STAC about $1,036): about $310m, $394m, $120m and $104m. ACRDX not read (no issuer-published Plume address)..A