sUSDS (SUSDS)

sUSDS (SUSDS) is the yield-bearing savings token issued by Sky Protocol, the decentralized finance platform that rebranded from MakerDAO in 2024. It is minted when a holder deposits USDS, Sky’s dollar-pegged stablecoin, into the Sky Savings Rate module, an ERC-4626 vault contract. Rather than the token balance increasing, the exchange rate between sUSDS and USDS rises over time, so each sUSDS unit becomes redeemable for a growing amount of USDS as protocol revenue accrues.

The yield behind sUSDS is funded by real Sky Protocol income rather than token emissions: stability fees paid by borrowers against ETH, wstETH, and real-world-asset collateral, Treasury-bill returns on USDC reserves, and returns from allocator-managed real-world-asset strategies. The rate is variable and set through governance by SKY token holders rather than fixed algorithmically. sUSDS is deployed across multiple chains, including Ethereum and Solana, using a burn-and-mint model that keeps supply unified without separate wrapped versions, and it succeeds Maker’s earlier sDAI token as the savings wrapper for the protocol’s stablecoin.