24h Change-0.011%
All Time HighApr 2, 2026$1.15
All Time LowOct 3, 2024$0.95
Market Cap$10.944b
Fully Diluted Valuation$10.954b
Circ. Supply10.948b USDS
CEX Volume$7.88m
DEX Volume$62.95m
How much debt can be issued against USDS as collateral across lending protocols.
Maximum possible exposure to USDS
$9.68m
$17.48 (max additional borrows against USDS) + $9.68m (bad debt if USDS was hacked now)
Morpho V1
$28.46 at-risk exposure = $10.98 bad debt if hacked + $17.48 additional borrowable against USDS
Aave V3
$9.68m at-risk exposure = $9.68m bad debt if hacked + $0 additional borrowable against USDS
SparkLend
$3.56 at-risk exposure = $3.56 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 | $17.48 | $10.98 | ||
USDS0xdc035d45d973e3ec169d2276ddab16f1e407384f | $0 | $9.68m | ||
USDS0xdc035d45d973e3ec169d2276ddab16f1e407384f | $0 | $3.56 |
Risk-management actions published about USDS by tracked risk managers and governance contributors, newest first.
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.
USDS reserves in Ethereum v3 are near buffer but any excess would be eligible; current assessment leaves full buffer in place with no withdrawal.
Spark is phasing out unused Aave USDS integrations across Ethereum, Arbitrum, and Base, setting deposit and withdrawal rate limits to zero to eliminate exposure to inactive venues.
USDS supply increased +$13M, with debt rising +$9.9M reflecting growing demand in alternative markets like OnRe. This countered broader stablecoin debt contraction.
The USDS Flagship Vault accepts USDS deposits, allocating 80% to Sky Savings Rate yield and 20% to curated Morpho markets like stUSDS/USDS, wstETH/USDS, WETH/USDS, and cbBTC/USDS, all at 86% LLTV to generate additional lending returns.
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Showing 10 of 47 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSTUSDSFor LP | Maturity 25JUN2026 | $906,375 | 5.96% | 5.96% | 6.20% | |||||
| open in new tabSTUSDSFor buying PT-stUSDS-25JUN2026 | $906,375 | 5.50% | 5.50% | 5.67% | |||||
| open in new tabUSDSFigure Market | $525,916 | 5.47% | 5.47% | 5.61% | |||||
| open in new tabUSDS | $327,361 | 22.75% | 22.75% | 6.97% | |||||
| open in new tabDAI-USDS0.3% | $212,923 | 47.43% | 47.43% | 2.58% | |||||
| open in new tabUSDSOnRe Market | $82,165 | 5.50% | 5.50% | 5.79% | |||||
| open in new tabUSDS-JITOSOLConcentrated - 0.25% | $51,277 | 21.53% | 21.53% | 7.81% | |||||
| open in new tabSPA-USDS | $32,747 | 13.31% | 13.31% | 11.22% | |||||
| open in new tabWSOL-USDSConcentrated - 0.03% | $20,965 | 10.94% | 10.94% | 4.74% | |||||
| open in new tabUSDSYearn | $15,481 | 5.29% | 5.29% | 2.69% |
Showing 10 of 492 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDS âžž DAI | $7.98m | 3.54% | 3.54% | 0% | 80% | $7.42m | $6.43m | ||
| open in new tabUSDS âžž FLAME | $798,310 | 3.54% | 3.54% | 0% | 80% | $7.42m | $6.43m | ||
| open in new tabUSDS âžž USDY | $265,399 | 4.39% | 3.54% | 1.05% | 80% | $7.42m | $6.43m | ||
| open in new tabUSDS âžž ZWBTC | $76,460 | 9.25% | 3.54% | 7.14% | 80% | $7.42m | $6.43m | ||
| open in new tabUSDS âžž ZWBTC | $76,460 | 7.65% | 2.65% | 7.14% | 70% | $784,500 | $592,186 | ||
| open in new tabUSDS âžž ZWBTC | $76,460 | 7.06% | 1.71% | 7.14% | 75% | $124,612 | $76,809 | ||
| open in new tabUSDS âžž USDC | $0 | 3.54% | 3.54% | 0% | 80% | $7.42m | $6.43m | ||
| open in new tabUSDS âžž USDC | $0 | 3.54% | 3.54% | 0% | 80% | $7.42m | $6.43m | ||
| open in new tabUSDS âžž USDC | $0 | 3.54% | 3.54% | 0% | 80% | $7.42m | $6.43m | ||
| open in new tabUSDS âžž SOL | $0 | 3.54% | 3.54% | 0% | 80% | $7.42m | $6.43m |
