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MakerDAO now Sky, its USDS stablecoin hits $21 bn supply and $611 m revenue in 2025, making it the third‑largest stablecoin issuer.
DAI’s peg held at $1 while MakerDAO announced its 2024 rebrand to Sky and the rollout of USDS, a new stablecoin that quickly grew to a $21 bn supply and $611 m ecosystem revenue in 2025, positioning Sky as the third‑largest stablecoin issuer globally【1】.
| At a glance | |
|---|---|
| New brand | Sky (rebranded Aug 2024) |
| Flagship stablecoin | USDS |
| USDS supply (early 2026) | $21 bn |
| 2025 ecosystem revenue | $611 m |
The MakerDAO governance community voted to rename the protocol Sky in August 2024, signalling a shift toward broader financial services beyond its original DAI focus【1】. The rebrand coincided with the launch of USDS, a dollar‑pegged token that quickly amassed a $21 bn circulating supply by early 2026, surpassing many earlier DeFi‑native stablecoins. A Sky press release projected $611 m in gross revenue for 2025, derived from lending fees, treasury yields, and other ecosystem activities【1】.
By the end of 2025, Sky ranked as the third‑largest stablecoin issuer worldwide, trailing only the dominant USD‑pegged tokens from larger platforms. The USDS supply growth reflects both organic demand from crypto users seeking a decentralized dollar proxy and institutional adoption, as Sky had already been used by Societe Generale and Huntington Valley Bank by August 2024【1】. The protocol continues to back its stablecoins with a mix of crypto collateral (primarily Ether) and traditional assets such as U.S. Treasuries, preserving the over‑collateralized model that kept DAI near its $1 peg since launch in December 2017【1】.
Sky’s governance token, MKR, still enables holders to vote on collateral types, stability fees, and other risk parameters. MKR’s deflationary mechanism—burning tokens bought with loan interest—remains unchanged, aligning token supply with ecosystem revenue streams【1】. The rebrand does not alter the core smart‑contract architecture; instead, it provides a broader brand umbrella for future products, including potential non‑crypto collateral integrations that were discussed in 2019 but stalled after internal disagreements【1】.
The Sky rebrand underscores MakerDAO’s evolution from a niche DeFi stablecoin issuer to a multi‑product financial platform. Whether USDS can sustain its rapid growth while maintaining the over‑collateralized safety net that kept DAI stable will shape the next chapter of decentralized finance.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 17, 2026 · How we report
A DAO is a decentralized autonomous organization that uses blockchain tokens and online forums to let members collectively fund and vote on projects, similar to a digital cooperative.
The DAO raised roughly $150 million in Ethereum but was hacked in June 2016, resulting in the loss of about one‑third of its funds and subsequent regulatory attention.
Owning a physical item, such as Spice DAO’s "director’s bible," does not confer rights to the underlying intellectual property, limiting a DAO’s ability to produce related works.
DAO tokens are intended to grant voting power and may provide symbolic rewards, but they are generally not considered legal securities or shares, and many remain non‑transferable outside the DAO.
These platforms issue tokens that reflect user activity and allow holders to vote on protocol changes, aiming to align participation with decision‑making authority.