Put the billions in Sky's stablecoin reserves to work at market rates, routing them to whichever lending venue or institution pays most, so dollar savers on-chain earn real interest with tight risk controls.
Q2 2026: SparkLend deposits $5.03B, 10.4% of loans across major lenders, profitable at ~$3.3M.
Updated Q3 2026Checked 11 Oct0 updates this week
Spark draws USDS from Sky's reserves (~$2.1B at end Q2 2026) and raises more from its own savings vaults in USDC, USDT, PYUSD and ETH.
The Liquidity Layer moves funds between SparkLend, institutional desks, PayPal's PYUSD and trading pools, following the best rate within set limits.
On SparkLend, borrowers lock crypto worth more than the loan; via Anchorage, institutions borrow against BTC that never leaves custody.
Caps on how fast funds can move, plus an oracle kill switch, let Spark ride out an April 2026 exploit elsewhere in DeFi without losses.
| Spec | Spark (SparkLend and Liquidity Layer) |
|---|---|
| SparkLend deposits (Q2 2026) | $5.03BR (reported) |
| Share of loans, major lenders (Q2 2026) | 10.4%R (reported) |
| Liquidity Layer avg. allocation (Q2) | ~$4.2BR (reported) |
| Savings deposits (end Q2 2026) | ~$3.62BR (reported) |
| Revenue net of funding (Q2 2026) | $6.57MR (reported) |
| Net income (Q2 2026) | ~$3.3MR (reported) |
| First Anchorage loans | $150M USDC vs $222M BTCR (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.
