Episode 01

sUSDS · Sky protocol

The Largest Yield Bearing Stablecoin Onchain: sUSDS

Name: Where sUSDS yield comes from
Uploaded: 2026-06-30T14:00:00Z
Channel: Piotr Saczuk
Description: Piotr Saczuk takes the savings rate on sUSDS apart on the whiteboard: what backs the yield, who bears the risk, and what the loss-absorption waterfall actually does when collateral moves against the protocol.

Piotr SaczukFounder of Osero

Live data

sUSDS · Sky

Total value locked

$5.3B

Savings rate APY

3.60%

7d 3.60 · 30d 3.60

Yield paid · all time

$242M

Yield paid · 30d

$17M

TVL · since launch

Yield paid out · cumulative

Live · updated 03 Jul 2026

Episode context · .md

Take the episode to your LLM

Collateral & risk

Capital reserves

$180M

Instant liquidity

$4B

Available in 3 days

$9B

Collateral ratio

72%

Overcollateralized

Audit reports

+33

Collateral composition

sUSDS · Sky protocol

Stablecoins52%

Onchain lending17%

T-bills14.5%

OTC lending10%

Corporate debt4.5%

Others2%

Recovery waterfall

Capital reserves

Sky AgentsJunior risk capital

Stability bufferMezzanine risk capital

SkySenior risk capital

Recovery

SKY backstop

USDS haircut

How it got here

2015

MakerDAO created

2017

DAI, the first over-collateralized stablecoin, was introduced

2020

Maker Foundation was dissolved and the protocol reached full decentralization

2021

First RWAs onboarded to DeFi at scale

2024

MakerDAO rebranded to Sky. USDS and SKY were introduced

2025

S&P issued credit ranking