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
Chains
Holders on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Sky Lending savings · 1.25% base, 0% rewards
sDAI wraps DAI and is minted by the Sky protocol's smart contracts, with no central issuer, launched on 17 Jan 2023.
sDAI is the ERC-4626 form of a deposit in the Dai Savings Rate. Spark's developer documentation describes it as a wrapper of DAI in the DSR module and states that Savings Dai and the Dai Savings Rate are non-custodial, permissionless smart contracts offered by Sky and not issued by Spark.
The deployed contract is verified on Ethereum under the name SavingsDai and is not a proxy. Its constructor fixed one Pot address, 0x197E90f9FAD81970bA7976f33CbD77088E5D7cf7, and a read of Sky's chainlog contract returns that same address for MCD_POT. The wrapper cannot be repointed at another savings module and cannot be upgraded.
Sources: Spark developer docs, sDAI Token page, Blockscout verified contract record for 0x83F2...BEeA (SavingsDai, constructor args)
137.9M sDAI in circulation, all on Ethereum.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across sDAI’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
137.9M sDAI
All supply on Ethereum
Ethereum137.9M sDAI · 100.0%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
2,598holders on Ethereum
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
sDAI is not designed to hold one USD, so DIA does not publish a peg deviation for it.
No peg chart for sDAI: the map holds no daily price series against a peg for it.
sDAI has never held one dollar and is not built to. Its price is the DSR exchange rate. On 2 October 2026 one sDAI was worth about 1.18 DAI, the DAI value one share had accumulated since deployment. Spark's documentation puts it plainly: the sDAI value is constantly increasing due to the accumulation of the yield. Sky documents chi, the rate accumulator inside the Pot, as an always increasing value.
The dollar reference reaches sDAI through DAI. Redemption returns DAI, not dollars. An integration that marks sDAI at one dollar understates it by more than 15 percent.
Sources: Spark developer docs, sDAI Token page, Sky Protocol developer docs, Pot contract, Blockscout token API, sDAI on Ethereum
$115.6K of sDAI is supplied to 3 lending markets on 3 protocols, <0.1% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much sDAI is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed sDAI again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of sDAI, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for sDAI.
Ranks and the median compare sDAI with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$116K<0.1% of supply
supplied to 3 lending markets on 3 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
By protocol
44%$51KEthereumsDAI$51K30%$35KEthereumsDAI$35K26%$30KEthereumsDAI$30KsDAI in lending markets, by chain, largest first. The bar is each chain's share of sDAI's lending balance.
Ethereumin 3 lending markets100%$116KAmong 41 USD stablecoins in lending markets
Top 5 sDAI pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
1.25% | 1.25% | OrganicStable | Ethereum | +0.00% | $188.0M | Savings | ||
4.77% | 4.56% | OrganicStable |  Gnosis | +0.00% | $38.6M | Lending | ||
3.92% | 4.08% | LP fees · IL riskStable | Ethereum | +0.00% | $758.1K | LP | ||
0.12% | 0.14% | LP fees · IL riskStable | Ethereum | +0.00% | $203.5K | LP | ||
0.12% | 0.14% | LP fees · IL riskStable | Ethereum | +0.00% | $50.9K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
sDAI in pool is sDAI's own side of the pool, at its USD price. Pool liquidity counts both sides. Pool liquidity is left out where it is more than 10 times the sDAI side, because a lookalike token priced wrongly can inflate it.
$19.8K of sDAI sits in 1 DEX pool across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼sDAI in pool | 24h volume |
|---|---|---|---|---|---|
| sDAI / FRAX | Ethereum | – | $19.8K | $673 |
Gnosis Chain's xDAI bridge used sDAI as a DSR module, depositing most of the DAI in the bridge into the sDAI vault on Ethereum and relaying the interest to Gnosis Chain. Gnosis has since replaced DAI with USDS as the bridge's default accepted token on Ethereum. On 2 October 2026 the bridge contract on Ethereum held about 46.7 million sUSDS and no sDAI.
In lending markets the parameters moved the other way. A November 2025 SparkLend proposal set out a supply cap of 1 and a maximum loan to value of 0 percent for sDAI collateral on Ethereum, with the liquidation threshold unchanged, citing low historical usage. BA Labs and the Core Facilitator approved it that month. On 2 October 2026 the SparkLend pool contract reported both settings in force for sDAI.
Sources: Gnosis Chain docs, xDai Bridge, Gnosis Chain tokenbridge-contracts, USDS migration, Blockscout, xDAI bridge on Ethereum token balances, Sky Forum, proposed changes to SparkLend for upcoming spell (November 2025), Blockscout, SparkLend Pool contract on Ethereum
sDAI wraps DAI; its backing is the DAI it holds.
Where the yield comes from
Each sDAI is a claim on DAI held in Sky's Pot contract. Sky's documentation for the Pot describes the drip step as calculating the most recent chi and pulling dai from the vow by increasing the Vow's Sin. Sin is system debt. Savings paid to sDAI holders are issued against Sky's balance sheet rather than passed through from an outside portfolio. Sky's own documentation states the consequence: "If governance allows the dsr to (significantly) exceed the system fees, it would cause debt to accrue and increase the Flop auctions."
What is not published
No attestation, reserve report or auditor opinion covers sDAI. There is no off-chain perimeter to attest, because the wrapper's only asset is its Pot balance and any reader can query it. What backs DAI is a separate disclosure question. Sky's developer documentation carries token pages for USDS, sUSDS, stUSDS, SKY and Dai, and none for sDAI.
Sources: Sky Protocol developer docs, Pot contract, Sky Protocol developer docs index and token list
Ethereum0x83f20f44…f942beeaRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
No freeze, wipe, pause, mint or upgrade function confirmed
sDAI has no central issuer. What regulators have recorded about it and how its collateral is reported.
Not applicable (no central issuer)recorded for the protocol; no central issuer
The rate is a governance variable
On 2 October 2026 the Pot contract's Dai Savings Rate was 1.25 percent and the sUSDS contract's Sky Savings Rate was 3.60 percent. Sky governance sets both. Nothing in the Pot obliges the DSR to stay positive or to track the rate paid on the newer savings token.
What the wrapper does not change
Redemption returns DAI, so every question about DAI's collateral passes through to sDAI untouched. The contract is immutable, which leaves no admin path to a fix and would make any correction a new deployment. Sky's developer documentation carries no sDAI page, so the issuer publishes no risk description for this token itself.
Sources: Sky Protocol developer docs, Pot contract, Sky Protocol developer docs, sUSDS (Savings USDS), Blockscout verified contract record for sDAI (SavingsDai, no proxy), Sky Ecosystem dashboard data API (Block Analitica), savings rates, Blockscout, Sky Pot contract on Ethereum, Blockscout, sUSDS contract on Ethereum
sDAI is a share in the Dai Savings Rate module, not a par-value token. Its value is the DSR exchange rate, which only rises as interest accrues. On 2 October 2026 one sDAI was worth about 1.18 DAI, so a feed that marks it at one dollar understates it by more than 15 percent.
Each sDAI is a claim on DAI held in Sky's Pot contract. Sky's documentation describes the Pot as pulling dai from the vow by increasing the Vow's Sin, which is system debt, so the savings are issued against Sky's balance sheet rather than an outside portfolio.
No attestation, reserve report or auditor opinion covers sDAI. The wrapper's only asset is its Pot balance, which anyone can query on chain. Sky's developer documentation has token pages for USDS, sUSDS, stUSDS, SKY and Dai, and none for sDAI.
On 2 October 2026 the Pot contract's Dai Savings Rate was 1.25 percent and the sUSDS contract's Sky Savings Rate was 3.60 percent. Sky governance sets both rates and can change either.
Source: DIA onchain reads Updated
Source: Blockscout, Ethereum Updated