USDS circulating supply fell to $5.59 billion over the same week, while Sky.money lists a 3.80% savings rate set by governance.

The stable-outlook rating puts Sky in Moody's speculative-grade category, with roughly $90 million in equity against $10 billion in managed assets.

Clients can keep earning Sky’s 3.6% savings rate while pledging sUSDS to Galaxy, whose institutional lending business carries a $1.4 billion average loan book.

Geoff Kendrick calls Sky "DeFi's federal bank" and forecasts a five-fold rise in the value the protocol passes to token holders by end-2028. The thesis runs on USDS supply growth.

Cumulative sUSDS yield payouts topped $250 million as Grove launched its GROVE governance token and a new Fixed Yield product crossed $44.1 million in TVL.

Sky (formerly MakerDAO) launched Fixed Yield on Wednesday — a term-based alternative to the variable Sky Savings Rate built on Pendle Protocol v2, giving sUSDS depositors a locked rate to a named maturity date.

Spark has released a comprehensive risk framework for the Sky Agent Network, detailing how losses are absorbed and risk is bounded across Spark Savings, SparkLend, and the Spark Liquidity Layer.

With Genesis Capital fully deployed, the protocol looks to shift from governance-determined capital outflows to rules-bound expenses capped at a fixed percentage of revenue.

The Sky-backed stablecoin incubator's inaugural class of eight projects marks the protocol's biggest push yet to diversify beyond crypto-native yield sources.

The company, which generated less than $10 million in revenue last year selling eyecare products, raised $134 million to bet entirely on the Sky protocol's governance token.