Sky sDAI / sUSDS
Yield-bearing wrapper of DAI/USDS; earns Dai Savings Rate (DSR)
Issued by Maker Protocol / Sky governance (decentralised) · founded 2023 · Decentralised (Maker Protocol / Sky governance)
⚠ Not financial advice
Stablecoin issuer disclosures, reserves composition, regulatory status, and redemption mechanics change continually. This page is reference information, not investment advice. Verify current attestations directly at the issuer's transparency page (https://daistats.com) before allocating capital.
Verdict
sDAI (and the 2024 USDS-upgrade equivalent sUSDS) is a smart-contract wrapper around DAI that accrues yield from MakerDAO/Sky's Dai Savings Rate (DSR). The yield is funded by Maker's stability-fee revenue + (since 2023) real-world-asset (RWA) collateral revenue. All DAI/USDS risks plus protocol-governance risk (DSR can be changed by vote) plus smart-contract risk on the wrapper plus RWA-collateral exposure. Best yield-bearing wrapper for users wanting transparent on-chain-verifiable yield.
Peg mechanism
Yield-bearing wrapper. DAI/USDS held in the sDAI/sUSDS smart contract; underlying DAI/USDS backed by Maker Vault collateral (ETH + other approved crypto + USDC + RWA partners)
Reserves + attestation
- Composition: DAI/USDS held in the sDAI/sUSDS smart contract; underlying DAI/USDS backed by Maker Vault collateral (ETH + other approved crypto + USDC + RWA partners)
- Attestation firm: On-chain (wrapper holds DAI; underlying DAI/USDS verifiable per Maker Protocol)
- Cadence: real-time on-chain
- Transparency page: https://daistats.com
Regulatory status
Not licensed (smart-contract wrapper of decentralised DAI/USDS). Sky governance has progressively decentralised.
Badges: On-Chain Yield · DSR-Based · Smart-Contract Wrapper of DAI
Key features
- Yield-bearing wrapper of DAI/USDS — earns Dai Savings Rate (DSR)
- DSR rate set by Sky governance vote (historically 5-15% APY)
- Yield funded by Maker stability-fee revenue + RWA collateral
- On-chain verifiable backing + accrued yield
- Native issuance on Ethereum + other Maker-supported chains
Pros
- Materially real yield (stability-fee revenue is real economic activity, not subsidised)
- Best yield-bearing wrapper for users wanting transparent on-chain yield
- Decentralised governance reduces single-point-of-failure risk
- DSR rate is publicly verifiable on-chain
Cons
- All DAI/USDS risks PLUS protocol-governance risk (DSR rate can change)
- Smart-contract risk on the sDAI/sUSDS wrapper
- RWA-collateral exposure (Maker's increasing RWA-backed reserve composition)
- DSR rate variability — historically 5-15% APY range, can decrease materially
Market context
- Market cap: $2.0B (2026-05-28)
- Issuer entity: Maker Protocol / Sky governance (decentralised)
- HQ: Decentralised (Maker Protocol / Sky governance)
- Founded: 2023
- Token ticker: sDAI
Compare with
- MakerDAO / Sky (DAI + USDS) — Only major crypto-collateralised stablecoin; fully on-chain verifiable backing
- Ethena sUSDe — Highest-yield stablecoin wrapper; earns perpetuals funding + staking yield
Risk + safety analysis
For the full risk-factor breakdown including verdict tone, regulatory-status cards, historical-incidents timeline, and risk-class scoring, see Is sDAI safe? — risk + safety analysis.
Where to read further
See all 8 stablecoin issuers ranked for the full comparison, MiCA-licensed crypto banks for the operator-side EU framework, and our full crypto-banks ranking for the platforms where stablecoins are actually held + transacted.
Disclaimer
This page is general information, not financial, investment, or legal advice. Stablecoin issuer disclosures, reserves composition, regulatory status, and redemption mechanics change continually; always verify directly with the issuer before allocating capital. See terms.