01 /
Brief
USDS ~$11.7B, DAI ~$4.4B. Combined $16B+ stablecoin supply. Credit ecosystem via Spark, Grove, Keel. $2.5B authorized for Obex incubator deploying into RWA, credit, energy, and AI projects.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries, Private credit
- Token standards
- erc-20, erc-7528
- Jurisdiction
- Global
- Analytics
- defillama.com/protocol/sky
03 /
Milestones
How this player got here.
- Apr 2026DAI-to-USDS migration began on Binance and other major exchanges
- Jun 2025SPK token launched (10B genesis supply)
- May 2025Completed Endgame transition; retired MKR token, launched SKY governance
- Jan 2025USDS crosses $3B supply
- Sep 2024USDS launched replacing DAI
- Aug 2024MakerDAO rebranded to Sky
04 /
Connections
Who they build with, build on, integrate with.
Flow
Capital, products, and distribution moving outward.
Dependency
Where this player builds on, integrates, or relies on others.
