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DAI / USDS — Sky (MakerDAO)

Decentralized USD stablecoin over-collateralized by crypto and tokenized real-world assets.

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Category
Algorithmic / Crypto-backed
Regulatory regime
Decentralized / Unregulated
Issuer
Sky Protocol
Region
Global / DeFi
Peg
USD

Blockchain protocols

EthereumBaseArbitrumOptimismPolygon

How it works

Users lock collateral in vaults to mint DAI/USDS; stability fees and PSMs maintain peg.

Revenue model

Stability fees, RWA yield, PSM spreads — distributed via Sky token holders.

Regulation

Decentralized; no single licensed issuer.