The Sky Dollar: DAI's Successor, Supply and Collateral

What the Sky dollar is

The Sky dollar is a decentralized dollar token. No company issues it. A protocol holds collateral in smart contracts and mints tokens against it. The ecosystem was called Maker until its rebrand to Sky. Its developer documentation carries the token contracts and the infrastructure addresses ^[2]. The token’s ticker collides with another token’s symbol, so this site names it in words and never prints the bare ticker. The rule earns its keep in the collision section below.

The token’s role in this library is specific. It is the largest living example of the crypto-backed class, and it owns the most instructive supply-metric lesson in the corpus. Both lessons ride this page.

The rename from DAI

DAI launched in 2017 as Maker’s overcollateralized dollar. The ecosystem later became Sky, and the Sky dollar is the successor token. The rename did not retire the old token. DAI still runs, with its own contract and its own supply ^[2].

The two are joined by a protocol converter. It swaps DAI for the Sky dollar at one to one, through a contract the developer documentation names ^[2]. Both supplies are therefore live facts, and this page reports both rather than blending them.

Supply, three honest counts

Supply has three defensible readings, and they do not agree. An on-chain read of the Sky dollar contract on 11 September 2026 returned 6,677,614,732.05 tokens ^[4]. The same day, the DAI contract returned 4,582,266,830.39 ^[4]. Two independent providers agreed with both reads to within a fraction of a percent.

The third reading is the interface’s own aggregate. The sky.money home carries a named metric, supply total and circulating across both tokens, reading 9.75B ^[1]. That figure is a named metric, not the sum of the two contract reads. The site states the metric and never smoothes the difference. Day-over-day, the Sky dollar supply had moved 0.17 percent, ordinary mint and burn activity with no discontinuity.

What backs it, and who says so

Collateral composition is published by BA Labs, the independent analytics team behind financial.skyeco.com, whose dashboard the official interface links to. It is not an issuer attestation. No issuer attestation exists for these obligations. As of 11 September 2026, the dashboard showed $15.32 billion of total collateral ^[3].

The categories, as published that day: stablecoins $4.81 billion, on-chain crypto lending in three books of $2.27, $2.85, and $7.37 billion, short-duration T-bills $1.2 billion, over-the-counter crypto lending of $935.66 million, $1.04 billion, and $1.32 billion, AAA corporate debt $496.44 million, and small other, private credit, and basis trade lines ^[3]. Loan coverage stood at $9.84 billion against maintenance at $10.53 billion, two named metrics the dashboard keeps distinct ^[3].

The interface’s own collateral total reads $15.77 billion, against the dashboard’s $15.32 billion ^[1]. Two captures, two moments. The page carries both numbers with their labels and reconciles nothing.

The savings layer

The interface states its rates itself, and every figure here is variable, protocol-set, and dated 11 September 2026. The savings rate on sUSDS read 3.60 percent APY, stable week over week against a prior banked read ^[1]. A fixed-term rate read 4.92 percent, dated to 26 November, and vault rates read up to 4.88 percent ^[1]. The staking token stUSDS read 5.17 percent with 198.95 million staked ^[1]; its nature is an open research question, so it renders as interface-stated only.

This section reports rates. It does not compare them, rank them, or suggest one. A rate is a fact about a day, and the day is stated.

The name collision

Another token trades under the same symbol, and the confusion is the point. TheStandard DAO issues a token its own site brands USDs, on Arbitrum, at contract 0x2Ea0bE86990E8Dac0D09e4316Bb92086F304622d ^[5]. Providers still carry it under this token’s symbol ^[6]. It is a different product from a different issuer, worth about $0.10 million on the provider’s books, four orders of magnitude apart ^[6].

So the rule this site follows: the ticker alone never identifies this token. the Sky dollar means the Sky ecosystem token, contract 0xdC035D45d973E3EC169d2276DDab16f1e407384F on Ethereum ^[2]. TheStandard USDs means the Arbitrum token. Three further tiny tokens share the symbol on one provider’s books, and they are collision context, nothing more ^[6].

Where it runs

Issuance is native on Ethereum. The developer documentation’s token routes carry guides for Base and Solana through bridge paths ^[2]. The chain list is short next to the majors, and the page says so plainly.

The balance sheet, under the same rules

The same analytics producer publishes a monthly balance sheet, and it carries the obligations side in named lines. For September 2026 it showed the dashboard holding $11.39 billion and owing $11.44 billion, with capital of $241.77 million. The obligations include the circulating tokens, the savings instruments, and the stablecoins held in the protocol’s own peg stability module. The components of the obligations side sum to the stated total. The holds, owes, and capital lines do not close as an accounting identity on that dashboard, and no such identity is asserted here. The figures carry the same attribution as the composition: BA Labs, dated, independent analytics, not an issuer attestation.

The provider map completes the picture. DefiLlama tracks this token under the name Sky Dollar, at $6.638 billion on its own as-of. CoinGecko’s usds listing reads 9.747 billion, tracking the aggregate metric. Ethplorer lists the symbol with the Sky Dollar name at the on-chain supply ^[6]. Three providers, three metric choices, all labeled. The page you are reading is the only place that keeps them apart on purpose.

How to verify

Everything on this page can be re-read. The supplies are contract reads. The collateral is a dashboard. The rates are interface figures. In the attestation taxonomy, this token’s row is the one with no attestation at all: its verification model is on-chain reads, not reports. The attestations page explains that row. The crypto-backed types page frames the class, the stablecoins hub frames the pillar, and USDT and USDC show the issued-and-attested contrast.