VENUEVERITAS

STABLECOIN EVIDENCE

USDS

Over-collateralizedPeg USDSky Dollar

Protocol-minted over-collateralized USD soft-peg sharing the same Vat backing as DAI, with 1:1 conversion. Not a fiat cash reserve product.

Compare USDS vs DAIInspect primary evidence

Detail ready · Core-10 evidence

What backs this stablecoin?

Protocol collateral system — not a fiat cash reserve attestation.

COLLATERAL SYSTEM

Shared Sky Vat / Join / PSM architecture with DAI. Do not treat USDS and DAI as separate reserve piles.

RWA EXPOSURE

Primes vaults and legacy RWA vaults appear on the protocol balance sheet. Prime-level token detail remains an open gap.

CRYPTO COLLATERAL

ETH / LST / WBTC vaults and PSM USDC sleeves lock crypto and stable collateral on-chain.

PROTOCOL CONTROL

SKY governance / UUPS upgrade path. Freeze not implemented on USDS (may be added later).

Latest protocol collateral book

Reserve report Aug 29, 2026Current verifiedFresh evidence ≠ safe

  • Primes Vaults6.00B USD
  • PSM Vaults (Lite-PSM USDC dominant)4.79B USD
  • ETH vaults363.24M USD
  • Legacy RWA vaults80.99M USD

Primary source

Backing Flow

Holder → issuer or protocol → backing → custody or hedge → verification. Unknown links stay labeled UNKNOWN.

HolderUSDS holder
ProtocolSky Vat / Join / PSM
CollateralCrypto vaults / PSM USDC / RWA claims
RwaUNKNOWN

Can you redeem it directly?

Exchange trading is not issuer redemption.

Direct issuer redemption

No

Eligible
Protocol paths only (vault / PSM / DAI converter)
KYC
Not applicable
Minimum
Not published
Fee
Not published

Skybase UI does not redeem for fiat.

Who controls what?

Who can mint, freeze, pause, upgrade, or govern — as evidence, not a safety score.

ControlPresentControllerEvidenceSource
MintYESProtocol vault / PSM pathsVERIFIED—
FreezeNOUNKNOWNVERIFIED—
BlacklistNOUNKNOWNVERIFIED—
PauseUNKNOWNUNKNOWNUNRESOLVED—
UpgradeYESSKY governance / UUPS proxyVERIFIED—
GovernanceYESSKY governanceVERIFIED—

Mint

YES

ControllerProtocol vault / PSM paths

Freeze

NO

ControllerUNKNOWN

Not implemented; upgrade path may add later

Blacklist

NO

ControllerUNKNOWN

Pause

UNKNOWN

ControllerUNKNOWN

Upgrade

YES

ControllerSKY governance / UUPS proxy

Governance

YES

ControllerSKY governance

How is the backing independently checked?

Report type matters.

Other

Provider
Unknown
Report
On-chain / dashboard collateral visibility — not a fiat reserve attestation
Report date
Aug 29, 2026
Covered assets
Protocol balance-sheet assets
Covered liabilities
Circulating USDS (+ shared DAI book)
Scope limitation
Not an assurance engagement

Inspect primary evidence

Reserve history

Append-only verified snapshots only. No synthetic series.

Latest verified snapshot

Aug 29, 2026

Sky protocol balance-sheet API (shared Vat with DAI)

11.42B USD · circ 1.77B USD

Current verifiedFresh evidence ≠ safe

What does this stablecoin depend on?

Structural dependencies only.

  • Vat
  • PSM/USDC
  • Oracles
  • SKY governance
  • Ethereum

Answer-first evidence blocks

What backs USDS?

Shared Sky Vat collateral (Primes, PSM USDC, crypto vaults, legacy RWA) as of 2026-08-29 protocol API — not fiat cash reserves.

Who issues USDS?

Sky Protocol smart contracts. There is no corporate e-money issuer for USDS in the Core-10 pack.

How does the peg work?

Over-collateralization, liquidations, and protocol market operations, with 1:1 DAI↔USDS conversion.

Regulatory structure

  • No single corporate issuer licence row for USDS.

Unresolved / open gaps

  • Prime-level RWA token detail
  • Crypto collateral is contract-locked; RWA counterparties partially UNKNOWN.

Related evidence links

Stablecoin Evidence interface. No safety score. No investment recommendation. Unresolved evidence remains unresolved.