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Deployments · platform by Sky

Sky USDS and DAI protocol dollarsNew

The two dollar tokens of the Sky protocol: DAI, in circulation since 2019, and USDS, its successor since September 2024. Both are minted by the protocol, not redeemed from an issuer's reserve, and a permissionless converter swaps them one for one. Their backing has moved from crypto collateral to mostly stablecoins and tokenised funds: on 26 October 2026 crypto vaults backed about 5% of the protocol's debt and USDC held in its peg stability module about 37% (see the USDS and DAI asset records). Together about $11.6 billion was outstanding in October 2026, almost all on Ethereum. Because part of the backing is tokens counted elsewhere, only about 55% of the supply counts in totals.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since 19 Nov 2019[2] — Openly held and used across DeFi; DAI's series on DefiLlama starts in November 2019 and USDS in September 2024. · Reviewed 13d ago

Assets
Other claim[3]
USDS and DAI, crypto-collateralised dollar tokens convertible one for one
Networks
Ethereum Public, permissionless[1]
Solana Public, permissionless[1]
Polygon Public, permissionless[2]
Fantom Opera Public, permissionless[2]
BNB Chain Public, permissionless[2]
Arbitrum Public, permissionless[2]
Optimism Public, permissionless[2]
Avalanche Public, permissionless[2]
Kaia Public, permissionless[2]
Use cases
Primary issuance[1][2]
Jurisdictions
Global

Participants

  • SkyIssuer, Operator, Platform provider[3]Global

Assets

Metrics

  • ~$7.08bnUSDS in circulation · as of 15 Oct 2026context[1]
    On-chain via DefiLlama; sum of its per-chain balances. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$3.91bnUSDS in circulation (counted part) · as of 15 Oct 2026[1]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$7.07bnUSDS in circulation · as of 15 Oct 2026 · on Ethereumcontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$3.9bnUSDS in circulation (counted part) · as of 15 Oct 2026 · on Ethereum[1]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$5.23mUSDS in circulation · as of 15 Oct 2026 · on Solanacontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$2.89mUSDS in circulation (counted part) · as of 15 Oct 2026 · on Solana[1]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$4.72bnDAI in circulation · as of 15 Oct 2026context[2]
    On-chain via DefiLlama; sum of its per-chain balances. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$2.6bnDAI in circulation (counted part) · as of 15 Oct 2026[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$4.14bnDAI in circulation · as of 15 Oct 2026 · on Ethereumcontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$2.29bnDAI in circulation (counted part) · as of 15 Oct 2026 · on Ethereum[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$443.36mDAI in circulation · as of 15 Oct 2026 · on Polygoncontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$244.73mDAI in circulation (counted part) · as of 15 Oct 2026 · on Polygon[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$35.12mDAI in circulation · as of 15 Oct 2026 · on Fantom Operacontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$19.38mDAI in circulation (counted part) · as of 15 Oct 2026 · on Fantom Opera[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$31.07mDAI in circulation · as of 15 Oct 2026 · on BNB Chaincontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$17.15mDAI in circulation (counted part) · as of 15 Oct 2026 · on BNB Chain[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$17.05mDAI in circulation · as of 15 Oct 2026 · on Arbitrumcontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$9.41mDAI in circulation (counted part) · as of 15 Oct 2026 · on Arbitrum[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$13.57mDAI in circulation · as of 15 Oct 2026 · on Optimismcontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$7.49mDAI in circulation (counted part) · as of 15 Oct 2026 · on Optimism[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$9.41mDAI in circulation · as of 15 Oct 2026 · on Avalanchecontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$5.2mDAI in circulation (counted part) · as of 15 Oct 2026 · on Avalanche[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$7.97mDAI in circulation · as of 15 Oct 2026 · on Kaiacontext[2]
    On-chain via DefiLlama. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$4.4mDAI in circulation (counted part) · as of 15 Oct 2026 · on Kaia[2]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$4.67bnSupply on chain (daily) · as of 7 Nov 2026context[4]
    Automated daily reading of on-chain supply across all chains. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$2.58bnSupply on chain (daily) (counted part) · as of 7 Nov 2026[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$13.45mSupply on chain (daily) · as of 7 Nov 2026 · on Optimismcontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$7.43mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Optimism[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$31.07mSupply on chain (daily) · as of 7 Nov 2026 · on BNB Chaincontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$17.15mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on BNB Chain[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$8.88mSupply on chain (daily) · as of 7 Nov 2026 · on Avalanchecontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$4.9mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Avalanche[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$14.55mSupply on chain (daily) · as of 7 Nov 2026 · on Arbitrumcontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$8.03mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Arbitrum[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$441.59mSupply on chain (daily) · as of 7 Nov 2026 · on Polygoncontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$243.76mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Polygon[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$7.94mSupply on chain (daily) · as of 7 Nov 2026 · on Kaiacontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$4.38mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Kaia[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$4.1bnSupply on chain (daily) · as of 7 Nov 2026 · on Ethereumcontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$2.26bnSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Ethereum[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$35.12mSupply on chain (daily) · as of 7 Nov 2026 · on Fantom Operacontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$19.38mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Fantom Opera[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$510,325Supply on chain (daily) · as of 7 Nov 2026 · on Solanacontext[4]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$281,699.4Supply on chain (daily) (counted part) · as of 7 Nov 2026 · on Solana[4]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$5.59bnSupply on chain (daily) · as of 7 Nov 2026context[5]
    Automated daily reading of on-chain supply across all chains. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$3.09bnSupply on chain (daily) (counted part) · as of 7 Nov 2026[5]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$554Supply on chain (daily) · as of 7 Nov 2026 · on Optimismcontext[5]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$305.808Supply on chain (daily) (counted part) · as of 7 Nov 2026 · on Optimism[5]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$5.59bnSupply on chain (daily) · as of 7 Nov 2026 · on Ethereumcontext[5]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$3.08bnSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Ethereum[5]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$11Supply on chain (daily) · as of 7 Nov 2026 · on Avalanchecontext[5]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$6.072Supply on chain (daily) (counted part) · as of 7 Nov 2026 · on Avalanche[5]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$4.44mSupply on chain (daily) · as of 7 Nov 2026 · on Solanacontext[5]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$2.45mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Solana[5]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).
  • ~$440,340Supply on chain (daily) · as of 7 Nov 2026 · on Arbitrumcontext[5]
    Automated daily reading. Gross supply, shown not counted: 55.2% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-26).
  • ~$243,067.68Supply on chain (daily) (counted part) · as of 7 Nov 2026 · on Arbitrum[5]
    55.2% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-26, source sky-info-collateral).

Timeline

  1. Happened 18 Sep 2024 · Scope expansion · recorded 15 Oct 2026
    USDS supply first appears on Ethereum, alongside DAI and convertible with it one for one.[1][3]
  2. Happened 19 Nov 2019 · Launch · recorded 15 Oct 2026
    Start of DAI's supply series on Ethereum in DefiLlama's data.[2]

Sources

  1. [1]USDS stablecoin data (API) — DefiLlama, 15 Oct 2026. Accessed 15 Oct 2026. DefiLlama classes the peg mechanism as crypto-backed..A
  2. [2]DAI stablecoin data (API) — DefiLlama, 15 Oct 2026. Accessed 15 Oct 2026. DefiLlama classes the peg mechanism as crypto-backed..A
  3. [3]USDS Token and contracts associated — Sky Ecosystem (GitHub). Accessed 15 Oct 2026.B
  4. [4]DAI supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A
  5. [5]USDS supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

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