Milestones
- DAI launchesDec 2017Complete.
- Multi-Collateral DAI (MCD)Nov 2019Complete.
- MakerDAO rebrands to Sky; USDS launchesAug 2024Complete.
- Major exchange conversions to USDS beginApr 2026Complete.
Live on 20+ blockchains. $4.8B supply. USDS now preferred.
Checked 10 Oct0 updates this week
Users lock ETH or other approved collateral in a Vault smart contract and mint DAI against it. Stability fees accrue over time.
A PSM mechanism allows 1:1 swaps between DAI and USDC, keeping DAI at $1.00 with a minimal spread.
| Spec | DAI |
|---|---|
| Total supply (Oct 2026) | $4.8BR (reported) |
| Launch date | December 2017R (reported) |
R reported by the company
Sky (formerly MakerDAO)
USDS, DAI, decentralized stablecoin, DeFi protocol
Sky is a decentralized protocol issuing USDS and DAI stablecoins. MakerDAO rebranded to Sky in August 2024, launching USDS as an upgraded token with a savings rate. Combined USDS and DAI supply totals $10.13 billion as of October 2026, making Sky the third-largest stablecoin issuer.