stablecoin collateral asset
USDS
Sky Dollar is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
under reviewmedium
Exposure
$1.10B
Mapped usage across reviewed markets.
Deployments
2
Ethereum
Controls
4
Issuer, admin, wrapper, and redemption controls.
Market usage
4
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameSky Dollar
IssuerSky
Typestablecoin
Canonical chainEthereum
BackingSky stablecoin backed by the Sky/Maker collateral system and savings-rate modules.
RedemptionConversion and redemption depend on Sky protocol modules and available liquidity.
Review statusunder review
Deployments
Canonical chain and cross-chain deployment footprint.
| Chain | Role | Settlement | L2 stage |
|---|---|---|---|
| Ethereum | canonical | Ethereum L1 | Not applicable |
| Base | deployment | Ethereum L1 | Stage 1 |
Protocol market exposure
Markets where this asset is accepted as collateral.
| Protocol | Market | Chain | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|
| Spark | Ethereum SparkLend | Ethereum | 76% | 81% | $2.90B | $1.90B | 71.0% |
| Spark | Base stable markets | Base | 75% | 80% | $780.0M | $450.0M | 58.0% |
| Sky / Maker | DAI/USDS backing system | Ethereum | 66% | 72% | $6.00B | $3.80B | 62.0% |
| Curve | Stablecoin pools | Ethereum | 0% | 0% | $1.90B | $0 | 52.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | governance admin | Migration path adds upgrade assumptions | Users inherit governance and migration contract risk. | USDS is connected to the Sky transition and protocol-controlled conversion modules. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | USDS -> Base | USDS deployment inherits Base chain assumptions |
| medium | outbound | wraps | USDS -> DAI | USDS migration and conversion paths inherit Sky/Maker stablecoin assumptions |
| low | outbound | settles on | USDS -> Ethereum | USDS deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Spark -> USDS | Spark Ethereum SparkLend accepts USDS as collateral or core liquidity |
| low | inbound | accepts collateral | Spark -> USDS | Spark Base stable markets accepts USDS as collateral or core liquidity |
| low | inbound | accepts collateral | Sky / Maker -> USDS | Sky / Maker DAI/USDS backing system accepts USDS as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> USDS | Curve Stablecoin pools accepts USDS as collateral or core liquidity |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | USDS -> Base | USDS deployment inherits Base chain assumptions |
| medium | outbound | wraps | USDS -> DAI | USDS migration and conversion paths inherit Sky/Maker stablecoin assumptions |
| low | outbound | settles on | USDS -> Ethereum | USDS deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Spark -> USDS | Spark Ethereum SparkLend accepts USDS as collateral or core liquidity |
| low | inbound | accepts collateral | Spark -> USDS | Spark Base stable markets accepts USDS as collateral or core liquidity |
| low | inbound | accepts collateral | Sky / Maker -> USDS | Sky / Maker DAI/USDS backing system accepts USDS as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> USDS | Curve Stablecoin pools accepts USDS as collateral or core liquidity |