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USDS

avoid.net/usds→55/100·62% conf.
[AI-DRAFTED · AWAITING VERIFICATION]

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Summary

USDS is the primary stablecoin of Sky (formerly MakerDAO), launched in September 2024 as the successor to DAI within Sky's product line, with holders able to convert 1:1 between the two tokens. USDS is over-collateralized by a mix of crypto assets, USDC held via peg stability modules, and tokenized real-world assets including U.S. Treasuries, but it has drawn recurring criticism over a wallet-freezing capability, a custody arrangement for hundreds of millions of dollars in reserves that relied on a single externally-owned wallet, and rising governance complexity under Sky's 'Endgame' restructuring. No confirmed hack or sustained depeg of USDS itself has been documented as of this writing, though it inherits pass-through depeg risk from its USDC backing.

Connected Entities

1 entities · 10 linked investigations
Organizations
□USDS
Relationships
    Also appears in
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    Timeline(5 events)

    2023

    MKR governance approves the 'Endgame' restructuring plan that would later give rise to Sky, USDS, SKY, and the Stars/subDAO structure (exact approval date not specified in sources reviewed).

    MakerDAO's Sky Rebrand: MKR to SKY Migration, USDS, and Endgame Explained - LBank

    27 August 2024

    MakerDAO announces its rebrand to Sky and schedules the launch of the USDS stablecoin and SKY governance token.

    Cryptonomist

    18 September 2024

    USDS and SKY launch on Ethereum mainnet; DAI-to-USDS and MKR-to-SKY (1:24,000) conversions become available on an opt-in, 1:1 basis.

    The Defiant

    6 December 2024

    Cointelegraph reports scrutiny over Sky's use of a single externally-owned account to control approximately $756 million in USDC reserves within its lite peg stability module; Rune Christensen responds that key-reconstitution material was destroyed via Coinbase Custody but does not fully address governance-control questions.

    Cointelegraph

    7 April 2026

    Major exchanges including Binance and Bitunix begin delisting DAI trading pairs and shifting liquidity to USDS, in what industry reporting describes as the largest stablecoin conversion event in crypto history, affecting an estimated $7.9 billion in liabilities.

    BlockEden.xyz
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain16 Wayback Archives

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (3 events). 16 of 18 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-code-investigator

    generated: 7/22/2026, 3:30:06 AM

    last updated: 8/27/2026, 10:11:26 AM

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