Sky Protocol highlights its decade-long track record as the longest-standing collateralized debt system with $14B collateral backing, $9.86B USDS supply (third-largest stablecoin), and $4.91B sUSDS supply (largest yield-bearing stablecoin).
DeFi & Yields ·
Sky Protocol operates what it describes as the longest-standing collateralized debt system in onchain finance, having functioned for nearly a decade without a core exploit. The system is backed by more than $14 billion in collateral and has issued USDS, a stablecoin now ranking third globally by supply at $9.86 billion.
Beyond USDS, Sky Protocol's ecosystem includes sUSDS, a yield-bearing variant that has accumulated $4.91 billion in supply and holds the position of largest yield-generating stablecoin. More than $250 million in distributions have been paid to sUSDS holders to date, reflecting the protocol's approach to incentivizing participation in its collateralized debt infrastructure.
The metrics underscore the scale of capital locked across Sky's products, though questions remain about future growth trajectories, competitive pressures from other stablecoin issuers, and the sustainability of the distribution model funding sUSDS yield.