Sky Unveils Risk Capital Token in Its Expanding DeFi Empire

Sky, formerly MakerDAO, has introduced stUSDS, the first risk capital token in its ecosystem, designed to supercharge decentralized finance (DeFi) yields for sophisticated investors.

stUSDS Debuts as Sky’s First Risk Capital Token for High-Stakes Yield Hunters

The new token represents Sky’s most ambitious step yet, offering high-yield potential in exchange for greater exposure to system risk. Available on Sky.money and Spark.fi, stUSDS derives returns from the stability fees paid by borrowers using Sky’s Staking Engine, directly rewarding those who back the system’s liquidity and governance functions.

“Sky is bringing maximum effectiveness and efficiency to capital formation,” Sky co-founder Rune Christensen said. “Backed by growing ecosystem momentum, we’re forging a new path to value creation with stUSDS, attracting users motivated by accessing the best possible returns on their investment”.

Sky, the decentralized stablecoin pioneer that evolved from MakerDAO, continues to dominate DeFi with its USDS token—an upgraded version of DAI—which has surpassed a 7 billion supply across major blockchains like Ethereum, Solana, and Arbitrum, marking a 29% year-over-year increase.

Alongside stUSDS, Sky has been optimizing capital deployment through its Stars network—autonomous, decentralized projects like Spark, Grove, and Keel. Spark’s lending protocol, Sparklend, now boasts over $11 billion in total value locked, while Grove recently emerged with a $1 billion institutional-grade credit initiative. Meanwhile, Keel is channeling up to $2.5 billion into the Solana ecosystem, extending Sky’s influence across onchain finance.

Christensen added that stUSDS reflects nearly a decade of progress since MakerDAO’s inception. “Our expansion proves DeFi’s ability to deliver higher returns and move capital more efficiently than legacy systems. With stUSDS, we’re building value with peak performance, safety, and scale,” he said.

While the launch marks a major milestone, Sky cautioned that some services, including Sky Token Rewards and the Sky Savings Rate, remain unavailable in certain jurisdictions such as the U.S., according to its Terms of Use.

FAQ 🧭

• What is stUSDS?stUSDS is Sky’s new risk capital token designed for advanced defi users seeking higher yields in exchange for greater exposure to system risk.
• Where can users access stUSDS?The token is available on Sky.money and Spark.fi, Sky’s ecosystem platforms.
• Who is the stUSDS token intended for?It targets institutional investors, automated treasuries, fund managers, and experienced defi users.
• Is stUSDS available to U.S. users?Certain functionalities, including token rewards, may be restricted for users in the United States per Sky’s Terms of Use.

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