Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
All 2 stablecoins combined. At least this much: 8 of 12 chains read
Share of total stablecoin supply
#3 of 98 issuers by supply
Stablecoins minted
median issuer: 1
Chains
read onchain, #10 of 98 issuers; 12 with material supply
Share of supply in lending
lower bound; above the median issuer (3.3%)
Founded
The MakerDAO successor protocol whose smart contracts mint USDS and DAI against a surplus of onchain and real-world collateral, plus the sDAI savings wrapper.
Sky has no company that issues its stablecoins. USDS and DAI are created by the Sky Protocol, a set of smart contracts whose parameters are set by holders of the SKY governance token. Sky is the current name of the protocol behind DAI, and its DAI whitepaper is still hosted on makerdao.com.
Who runs what
The companies around the protocol each say they do not control it. Sky Frontier Foundation manages the skyeco.com site and states that it "does not have authority over Sky Protocol, its smart contracts, or governance decisions." The Sky.money app is operated by Skybase International, which Sky describes as an independent Sky Agent. Skybase says it does not custody user assets or control protocol parameters.
How the protocol works
Users generate USDS against collateral they supply to the protocol. Governance sets the collateral types, limits and minimum collateralization ratios. Sky says yield comes from the Sky Agent Network, independent operators that draw USDS from the protocol to fund strategies. The Sky Savings Rate is paid from aggregate protocol surplus and changes over time.
Sources: Sky Ecosystem, USDS product page and FAQ, Sky.money, interface operator and Sky Savings Rate disclosures, The Sky Protocol whitepaper (Multi-Collateral Dai)
Both stablecoins Sky mints, largest first. Wrapped stablecoins (sDAI) are listed but not counted twice in any total.
Summed across both stablecoins of the Sky protocol, each dollar counted once. USDS is 58.4% of the total. Over 30 days, DeFiLlama's circulating supply of these stablecoins changed -4.5%, against -3.1% for all stablecoins on the map.
Supply of every coin of the Sky protocol, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$11.0B
Read on 8 chains, all in the total
Ethereum95%$10.4B
Polygon4%$441.9M
BSC<1%$31.1M
Arbitrum<1%$17.9M
Optimism<1%$13.4M
Avalanche<1%$8.7M
Solana<1%$4.4M
Base<1%$3.9MIn DIA's latest read, the 2 stablecoins of the Sky protocol with a peg reading sit within 4 bps of their peg. USDS's typical daily move over the last 90 days was 3.3 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
 USDSUSD | −3 bps (−0.03%) | 3.3 bps | −21 bps (−0.21%) | Continuous proof of reserves |
 DAIUSD | −4 bps (−0.04%) | 1.7 bps | −24 bps (−0.24%) | Continuous proof of reserves |
$1.7B supplied to 46 lending markets on 18 protocols, summed across both stablecoins of the Sky protocol. That is 15.5% of their onchain supply; the median across 43 issuers in lending markets is 3.3%. Yield pools live on each stablecoin's own page.
Lower bound: the balance of every Sky coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins of the Sky protocol, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$1.70B
supplied to 46 lending markets on 18 protocols, from 2 of Sky's 2 coins
74%
Borrowed
share of supplied stablecoins now on loan
3.01%
Average supply APY
weighted by the balance in each market
89%$1.51BEthereumUSDS$1.22B2.98%72%EthereumDAI$281.1M3.14%74%
Optimism, Polygon8%$141.4MEthereumDAI$125.8M3.03%86%EthereumUSDS$5.2M0.21%5%PolygonDAI$3.6M4.21%74%AvalancheDAI.e$3.1M2.19%72%ArbitrumDAI$3.1M1.36%70%OptimismDAI$553K2.18%88%
1%$10.9MEthereumDAI$8.2M0.31%21%PolygonDAI$1.8M<0.01%31%AvalancheDAI.e$961K2.32%78%1%$10.7MEthereumUSDS / PT-sUSDS-26NOV2026$4.3M3.55%89%EthereumUSDS / cbBTC$2.3M4.30%90%EthereumDAI / sUSDe$1.4M6.20%90%EthereumUSDS / stUSDS$1000K3.76%90%EthereumUSDS / wstETH$627K3.69%86%EthereumDAI / sUSDe$618K7.57%90%EthereumDAI$211KEthereumDAI / PT-USDe-31JUL2025$49K5.21%90%EthereumDAI / USDe$35K9.09%90%EthereumDAI / sUSDe$28K5.47%91%EthereumUSDS / wstETH$23K19.48%91%EthereumUSDS / WETHNo withdrawable balance$2K22.08%100%EthereumUSDS / PT-USDe-27NOV2025$1K<0.01%<1%1%$9.3MEthereumDAI$9.3M4.71%92%<1%$6.7MEthereumDAI$6.7M93%
Base, Ethereum, Optimism, Solana1%$11.0MSolanaUSDS$2.9M4.74%94%SolanaUSDS$2.3M5.60%92%EthereumUSDS$1.7M5.21%91%BSCDAI$1.6M2.50%52%SolanaUSDS$749K4.45%91%SolanaUSDS$667K3.61%74%SolanaUSDS$372K6.95%93%SolanaUSDS$197K11.46%96%AvalancheDAI.e$156K3.14%49%BaseUSDS$125K1.78%33%EthereumUSDS$54K2.12%79%SolanaUSDS$25K2.78%27%ArbitrumDAI$23K9.49%82%SolanaUSDS$18K3.89%78%OptimismDAI$18K3.00%70%SolanaUSDS$14K6.92%96%BaseUSDS$9K0.22%BaseUSDS$6KEthereumDAI$5KArbitrumUSDS$3K10.64%87%Ethereumin 23 lending markets99%$1.67BSolanain 9 lending markets<1%$7.3MPolygonin 2 lending markets<1%$5.4MAvalanchein 3 lending markets<1%$4.2MArbitrumin 3 lending markets<1%$3.1MBSCin 1 lending market<1%$1.6MOptimismin 2 lending markets<1%$570KBasein 3 lending markets<1%$140KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 43 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 43.
15.5%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.3%)
A protocol or DAO with no issuing legal entity, where the absence of a licence is the design rather than a gap in our records.
What Sky publishes
Both stablecoins are backed by collateral held in protocol contracts. The DAI whitepaper states that "every Dai in circulation is directly backed by excess collateral". For USDS, Sky says it is "strictly backed by a diversified portfolio of onchain and real-world assets". Vaults that breach governance-set thresholds are liquidated through automated protocol auctions.
Sources: The Sky Protocol whitepaper (Multi-Collateral Dai), Sky Ecosystem, USDS product page and PSM FAQ, Sky.money homepage
USDS is the protocol's current stablecoin. Sky calls it "the upgrade of DAI" and lists it on Ethereum, Solana, Base and Arbitrum. DAI is the original stablecoin and still circulates. A converter contract swaps DAI and USDS at a fixed 1:1 ratio in both directions with no fee. Sky's developer docs say fees cannot be enabled on that route later. The USDS token contract is upgradeable through a UUPS proxy. On 2 October 2026 the Ethereum contracts of the two reported a combined supply of about 11.4 billion tokens.
Sources: Sky Protocol Docs, USDS token, Sky Ecosystem, USDS and sUSDS products page, Blockscout token API, DAI on Ethereum, Blockscout token API, USDS on Ethereum
This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
