Sky Protocol's USDS quietly crossed the $11B supply milestone ‣ $11.05B+ total combined supply (USDS + legacy DAI) as of March 9, 2026 ‣ 63% USDS dominance over the combined Sky stablecoin supply ‣ DAI legacy supply sits at $4.07B, gradually migrating ‣ Sky Protocol TVL $21B ecosystem-wide To put that in perspective, USDS grew from ~$9.9B in late 2025 to $11B+ in early 2026 — that's the former MakerDAO quietly becoming one of the most capital-efficient DeFi protocols alive. Here's what has happened so far: ‣ USDS hit 74–86% YoY growth in 2025, compounding into this milestone ‣ Sky Savings Rate (SSR) offering 4% yield on USDS via sUSDS, with $6B SSR TVL ‣ $114.5M spent on SKY token buybacks, repurchasing 1.83B tokens ‣ Robinhood and Coinbase added distribution, expanding USDS reach ‣ March 2 governance vote tightened emissions while expanding credit features SKY up ~10% post-vote But it's also getting complicated: ➢ USDS remains #3 decentralized stablecoin, still dwarfed by centralized USDT/USDC ➢ DAI-to-USDS migration is voluntary and gradual — full transition timeline unclear ➢ Yield rate is governance-set and variable, creating dependency risk ➢ Regulatory clarity on yield-bearing stablecoins still lagging protocol growth PMF is undeniable and the supply numbers prove it — but the migration mechanics and regulatory framing are still catching up. This is the most interesting phase for decentralized stablecoins tbh.