STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
95%
Erfolgschance
Risikoniveau
2/10
Niedriges Risiko
Marktkapitalisierung
$9.64B
Volumen
$920.85K
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
USDS (Sky Dollar) is the successor to DAI, launched by Sky Protocol (formerly MakerDAO) in September 2024 as part of the Endgame rebrand. With a $9.9 billion market cap, USDS maintains a 1:1 USD peg through overcollateralization with crypto and real-world assets. Users can upgrade DAI to USDS at 1:1 with no deadline, while DAI continues functioning independently. USDS offers the Sky Savings Rate (currently ~4.25% as of December 2025), accessible by depositing into sUSDS. The stablecoin targets institutional DeFi users with enhanced regulatory compliance and financial reporting capabilities.
Investitionsthese
USDS serves as a yield-bearing stablecoin alternative for DeFi users seeking decentralized exposure with institutional-grade features and competitive yield generation. The Sky Savings Rate (currently 4.25%, down from 8.75% peak) provides sustainable returns funded by protocol borrowing fees, while overcollateralization with diversified crypto assets and real-world assets (RWAs) ensures robust peg stability even during market stress. For users requiring censorship-resistant dollar exposure, transparent on-chain governance, and seamless 1:1 DAI convertibility without fees, USDS offers a compelling middle ground between centralized stablecoins (USDC/USDT) with superior yield and purely decentralized alternatives. The MakerDAO heritage brings 8+ years of battle-tested DeFi infrastructure and proven stability mechanisms. USDS is best suited for sophisticated DeFi participants comfortable with governance evolution, willing to accept migration complexity from DAI, and seeking yield optimization combined with decentralization benefits and real-world asset diversification.
Wettbewerbsposition
USDS competes in the overcollateralized decentralized stablecoin segment, differentiated by its MakerDAO heritage and yield-bearing design. Against DAI (its predecessor, $5.3B market cap), USDS offers higher yield (4.25% vs 2.75%) but faces adoption inertia as DAI continues functioning with stronger brand recognition and liquidity. The dual-token strategy creates both a migration path and competition with itself. Versus centralized giants USDC ($42B) and USDT ($140B), USDS offers decentralization and censorship resistance but lacks their simplicity, regulatory clarity, and massive liquidity. Compared to other decentralized stablecoins like FRAX or sUSD, USDS benefits from superior track record, larger TVL, and institutional positioning. The December 2025 Aave collateral removal highlights competitive weakness in DeFi protocol integrations. USDS targets a middle ground: institutional users seeking DeFi exposure with compliance features, competing on yield and decentralization rather than pure stability or scale.
Fazit
USDS represents Sky Protocol's ambitious evolution of MakerDAO's proven stablecoin infrastructure, offering competitive yield and institutional-grade features. The $9.9B market cap and $4.6B in savings deposits demonstrate strong adoption, while overcollateralization and RWA diversification provide robust stability mechanisms. However, migration complexity, Q1 2025 losses, and recent DeFi integration setbacks (Aave removal) reveal execution challenges. The dual-token DAI/USDS strategy creates liquidity fragmentation rather than clean transition. USDS serves best as a yield-optimized stablecoin for sophisticated DeFi users comfortable with governance evolution, rather than a DAI replacement for the broader market.
Stärken
- MakerDAO heritage: Built on 8+ years of battle-tested DeFi infrastructure with proven stability mechanisms
- Overcollateralized stability: Backed by diversified crypto assets and real-world assets (RWAs) ensuring robust peg maintenance
- Sky Savings Rate (SSR): Competitive yield (4.25% December 2025) funded by protocol borrowing fees, higher than DAI\
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Risiken
- Migration complexity: Dual-token system (DAI + USDS) creates fragmented liquidity and user confusion
- Governance uncertainty: Major rebrand and structural changes introduce execution risks and community friction
- Financial losses: Q1 2025 posted $5M loss (down from $31M profit) due to 102% increase in savings rate payments
- Collateral removal: Aave governance removed USDS as collateral in December 2025, citing negligible revenue and asymmetric risks
- High savings rate burden: 8.75% historical SSR (now 4.25%) strains protocol profitability and sustainability
- Intense competition: Faces established rivals USDC, USDT, and coexisting DAI with stronger network effects
- Regulatory risk: Institutional compliance focus could attract regulatory scrutiny or restrictions
- Adoption friction: Users have little incentive to upgrade from working DAI, potentially limiting USDS growth
- Smart contract risk: New codebase and cross-chain deployment introduce technical vulnerabilities
- Market perception: Rebrand confusion and mixed messaging may undermine confidence versus simple DAI brand
STRICT-Score
Bewertung: 82/100 | 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.