STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
0%
Erfolgschance
Risikoniveau
3/10
Niedriges Risiko
Marktkapitalisierung
$4.51B
Volumen
$8.42M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
sUSDS is the yield-bearing savings token of Sky Protocol (formerly MakerDAO), representing USDS deposits earning the Sky Savings Rate (SSR). As of December 2025, sUSDS holds a $4.58 billion market cap from $5 billion total ecosystem TVL, with the SSR at 4.25% APY. The token auto-compounds yield directly in wallet balances without staking requirements or lock-ups. Built on the ERC-4626 standard, sUSDS offers instant redemption and full DeFi composability. USDS has reached $9.94 billion market cap with 9.9 billion tokens in circulation. The SSR is funded by Sky's revenue from crypto-collateralized loans, U.S. Treasury bill investments, and liquidity provisioning into SparkLend.
Investitionsthese
sUSDS serves as an institutional-grade, auto-compounding savings vehicle within the Sky/MakerDAO ecosystem, offering passive USD-denominated yield backed by diversified collateral including U.S. Treasury bonds and crypto-native assets. The protocol's revenue model combines traditional finance (T-bills) with DeFi mechanisms (lending fees, liquidity provisioning), creating a hybrid yield source that tracks macro interest rate conditions rather than volatile crypto leverage cycles. The ERC-4626 standard enables seamless integration across DeFi protocols while maintaining instant liquidity and composability. Key value drivers include Sky's institutional-grade infrastructure, proven MakerDAO heritage since 2017, and governance transparency through decentralized voting. The $500M Tokenization Regatta campaign signals strategic multi-chain expansion to Solana via Wormhole. sUSDS is best suited for users seeking stable, predictable yield (4-8% APY range) with minimal active management, accepting governance-dependent rate fluctuations and RWA concentration risks. The accumulating token model (not rebasing) ensures clean accounting and tax efficiency for holders.
Wettbewerbsposition
sUSDS ranks among the largest yield-bearing stablecoins with $4.58B market cap, competing directly with Ethena's sUSDe, legacy sDAI, and other DeFi savings products. Sky's competitive edge lies in its institutional-grade RWA backing and governance transparency through decentralized voting. However, Aave's December 2025 collateral removal signals reduced DeFi utility compared to competitors. The $500M Solana expansion via Wormhole demonstrates Sky's pivot toward multi-chain RWA infrastructure. With 4.25% APY, sUSDS offers moderate yields compared to higher-risk alternatives like Ethena (which Spark is allocating up to $1.1B to), positioning it as a conservative savings vehicle backed by MakerDAO's proven track record. Venus Protocol integration on Ethereum provides new collateral use cases.
Fazit
sUSDS represents institutional-grade DeFi savings infrastructure backed by the Sky/MakerDAO ecosystem with $5B+ TVL and proven operational history since 2017. The 4.25% auto-compounding yield offers competitive risk-adjusted returns for conservative users seeking stable passive income. Recent developments include a $40.5M protocol buyback, $500M Solana expansion campaign, and Venus Protocol integration. However, Aave's December 2025 removal of USDS as collateral highlights ecosystem integration challenges. Primary risks center on SSR variability, regulatory uncertainty, and smart contract security. Best suited for users seeking stable USD-denominated yield with instant liquidity.
Stärken
- Sky ecosystem backing with USDS at $9.94B market cap and $5B+ TVL (December 2025)
- Auto-compounding 4.25% APY via Sky Savings Rate without staking or lock-up requirements (December 2025)
- ERC-4626 standard enabling instant redemption and broad DeFi composability
- Strong RWA backing through Treasury bill investments and MakerDAO\
- ,
- s RWA infrastructure to Solana via Wormhole
Risiken
- Aave removed USDS as collateral on December 4, 2025 citing negligible revenue and asymmetric risks
- SSR yield fluctuates based on governance votes (historically ranging 2.5%-22% depending on market conditions)
- Heavy concentration in U.S. Treasury RWAs creates exposure to interest rate and traditional finance risks
- Smart contract risk persists despite audits (uses EIP-1967 Transparent Proxy pattern)
- Regulatory uncertainty around yield-bearing stablecoins could force protocol modifications
Kommende Katalysatoren
Solana expansion via $500M Tokenization Regatta campaign
Zeitrahmen: Q1-Q2 2025
Venus Protocol integration on Ethereum
Zeitrahmen: Q4 2024 - Ongoing
SSR rate adjustments tracking Fed policy
Zeitrahmen: Ongoing 2025
STRICT-Score
Bewertung: 79/100 | Potenzial: 1x
Verwandte im gleichen Sektor - Stablecoin
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.