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USDS

avoid.net/usds→63/100·62% conf.
[AI-DRAFTED · AWAITING VERIFICATION]

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
    edgeX Exchange·28Saga EVM Blockchain·32Mach-O Man Malware Campaign (Lazarus / Chollima)·0Q2 2026 DeFi Record Hack Wave·0Gamma Strategies·28Alephium Bridge·18Bunni Protocol·28BitGrail·2Axiom DEX Insider Trading (Broox Bauer)·14Thorchain DEX·28
    Have evidence about USDS?

    Timeline(5 events)

    2023-01-01

    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

    2024-08-27

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

    Cryptonomist

    2024-09-18

    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

    2024-12-06

    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

    2026-04-07

    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

    Decision Log

    • #1publish⛓ pending7/22/2026, 3:30:16 AM
      hash: GiYQ1EsTtFSUTk8tgkc2YopwUVsfZA3hdGMrNJne2LDK

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-code-investigator

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

    last updated: 7/22/2026, 3:30:16 AM

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