Sky’s USDS Supply Reaches $10.04 Billion as of June 30
USDS supply rose 96.9% year over year, while Sky Agents deployed more than $5.5 billion through Sky Protocol into institutional strategies.
USDS supply stood at $10.04 billion as of June 30, 2026, up 96.9% from a year earlier, as Sky expanded the use of its stablecoin and deployed billions of dollars through institutional strategies.
Sky Protocol, formerly associated with MakerDAO, allows users to create USDS against approved collateral or convert DAI through its Peg Stability Modules. USDS is Sky’s foundational stablecoin, while sUSDS is its yield-bearing version.
Sky Agents had deployed more than $5.5 billion through the protocol as of the June update. Allocations included $1.24 billion with Janus Henderson, $713 million in BlackRock/BUIDL, $260 million with Anchorage, $236 million with PayPal, $102 million with Securitize and $27 million with Galaxy.
By June 29, 2026, sUSDS holders had accumulated more than $250 million in yield. Annualized gross protocol revenue reached $419.08 million, based on the three most recent monthly settlement cycles available for the June update.
Reserves totaled $82.5 million in June, putting Sky 55% of the way toward its $150 million goal. The growth is tied to migration from DAI, deposits into sUSDS and capital deployment through institutional strategies. Returns are funded by revenue generated when Sky Agents deploy protocol liquidity into approved strategies.
On Sept. 24, circulating USDS and DAI together amounted to $9.85 billion, a 30-day increase of $348.2 million, or 3.67%. A separate September balance-sheet snapshot listed $4.58 billion in circulating DAI, $1.75 billion in circulating USDS, $4.67 billion in sUSDS and $209.2 million in stUSDS, for a total of $11.42 billion.
The figures may reflect different definitions or snapshots. Sky describes USDS as the successor to DAI, and the separate sUSDS and stUSDS balances represent yield-bearing forms connected to the broader ecosystem.
The development follows Galaxy Digital’s $100 million sUSDS treasury addition, which highlighted the growing role of Sky-linked products in institutional digital-asset activity.
