Coinbase converts user DAI holdings to USDS as migration accelerates across major exchanges

Sky (formerly MakerDAO)/USDS

Coinbase completed its own DAI-to-USDS conversion for users on May 4–6, 2026, following Binance by about four weeks. The coordinated shift of major exchanges toward USDS marked the largest stablecoin conversion in crypto history, consolidating liquidity on the upgraded token.