24h Change+0.018%
All Time HighApr 2, 2026$1.15
All Time LowOct 3, 2024$0.95
Market Cap$10.564b
Fully Diluted Valuation$10.562b
Circ. Supply10.567b USDS
CEX Volume$3.13m
DEX Volume$30.41m
How much debt can be issued against USDS as collateral across lending protocols.
Maximum possible exposure to USDS
$8.09m
$16.02 (max additional borrows against USDS) + $8.09m (bad debt if USDS was hacked now)
Morpho V1
$26.09 at-risk exposure = $10.07 bad debt if hacked + $16.02 additional borrowable against USDS
Aave V3
$8.09m at-risk exposure = $8.09m bad debt if hacked + $0 additional borrowable against USDS
SparkLend
$5.94 at-risk exposure = $5.94 bad debt if hacked + $0 additional borrowable against USDS
Showing collateral exposure for USDS on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for USDS as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
USDS0xdc035d45d973e3ec169d2276ddab16f1e407384f | $16.02 | $10.07 | ||
USDS0xdc035d45d973e3ec169d2276ddab16f1e407384f | $0 | $8.09m | ||
USDS0xdc035d45d973e3ec169d2276ddab16f1e407384f | $0 | $5.94 |
Risk-management actions published about USDS by tracked risk managers and governance contributors, newest first.
Excess pre-minted liquidity on several L2s (Unichain, OP, Base) is being withdrawn to Ethereum mainnet. This liquidity is no longer needed to meet user demand and its removal reduces the protocol's risk exposure on those chains.
Demand for USDS is increasingly concentrated among Justin Sun-affiliated entities (J. Sun, HTX, USDD). The report highlights this as a significant and growing counterparty concentration risk.
The Sky Savings Rate was lowered due to a persistent low-rate market environment, while Core Vault stability fees were increased to incentivize user migration to SparkLend.
Minting and swapping rate limits are being increased to handle large deposit and withdrawal flows from the Spark Savings USDC vault, which uses USDS as a backing asset. This also improves capacity for swapping with USDT on Uniswap v4.
Following the KelpDAO rsETH bridge exploit via LayerZero misconfiguration, USDS was placed in reduce-only mode on April 18, permitting withdrawals and repayments but blocking new deposits and borrows to address potential cross-chain bridge risks.
The report analyzes USDS total supply monthly changes by product, highlighting top demand drivers and including a deepdive on indirect influences via the SLL. It provides transparent Dune-sourced data for community awareness on stablecoin demand trends.
USDS onboarding to Centrifuge JTRSY, mint rate-limit increases, SkyLink transfers between Ethereum and Avalanche, and Avalanche USDS/USDC Curve pool activation expand its utility and liquidity across chains. CCTP rate-limit increase on Avalanche supports higher cross-chain flows without introducing new risks.
TMF updates raise the ABC turbo-fill floor to $150M and rate to 50% of Step 1 result, accelerating buildup of the solvency buffer set at 1.5% of USDS supply to absorb potential bad debt and enhance protocol stability during early revenue phases.
Laniakea standardizes risk accounting and governance across Sky's strategies, enabling comparable metrics for USDS-backed collateral like DeFi yields and real-world assets, which improves overall protocol resilience without altering current exposures.
Morpho v2 USDS vault deposits grew 33× from $27M to part of $891M total (+33× YTD) but suffered a -34% drawdown in the April 18–20 stress event.
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Showing 10 of 47 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDS | $7.29m | 22.58% | 22.58% | 13.79% | |||||
| open in new tabUSDS-STUSDS | $6.57m | 5.00% | 2.80% | 2.20% | 5.71% | ||||
| open in new tabUSDS-STUSDSCurve | $3.4m | 4.83% | 6.65% | ||||||
| open in new tabSTUSDSFor LP | Maturity 25JUN2026 | $828,653 | 6.69% | 6.69% | 6.16% | |||||
| open in new tabSTUSDSFor buying PT-stUSDS-25JUN2026 | $828,653 | 6.29% | 6.29% | 5.77% | |||||
| open in new tabUSDSFigure Market | $133,707 | 6.14% | 6.14% | 5.54% | |||||
| open in new tabUSDSOnRe Market | $125,829 | 5.25% | 5.25% | 5.39% | |||||
| open in new tabSPA-USDS | $32,100 | 8.77% | 8.77% | 7.74% | |||||
| open in new tabWSOL-USDSConcentrated - 0.03% | $19,645 | 5.45% | 5.45% | 8.28% | |||||
| open in new tabUSDS | $992 | 8.84% | 8.84% | 8.18% |
Showing 10 of 816 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDS âžž MORPHO | $10.93m | 11.16% | 8.84% | 2.79% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž DAI | $7.98m | 8.84% | 8.84% | 0% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž LBTC | $3.19m | 9.76% | 8.84% | 1.10% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž WELL | $531,046 | 9.50% | 8.84% | 0.79% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž USDSUI | $300,199 | 9.54% | 8.84% | 0.83% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž ZWBTC | $81,206 | 10.71% | 8.84% | 2.25% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž TBTC | $50,867 | 9.13% | 8.84% | 0.34% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž MSOL | $0 | 8.84% | 8.84% | 0% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž USDC | $0 | 8.84% | 8.84% | 0% | 83% | $10,427 | $9,435 | ||
| open in new tabUSDS âžž USDC | $0 | 8.84% | 8.84% | 0% | 83% | $10,427 | $9,435 |
