ⓘ @SkyEcosystem USDS + DAI supply has grown to roughly $9.5B, up from $7.7B in August 2025. But the more interesting number is what’s backing it. Around $4.92B of its assets are now in USDC and tokenized money-market funds backed by Treasury bills. That’s roughly half of the combined USDS/DAI supply. Then there is the Prime Agent structure. S&P says Sky’s Prime ecosystem now has approximately $1B in OTC lending, representing about 10% of the assets backing USDS and DAI. This changes how I look at Sky. It isn’t simply: “stablecoin protocol with yield.” It is starting to resemble a balance-sheet-driven credit business. Capital comes in ➜ Assets are allocated ➜ Credit is extended ➜ Yield is generated ➜ Risk gets distributed across different strategies. And governance decides how much risk the system is willing to carry. The problem is that this also makes the system harder to understand. More strategies = more diversification. But also: ◈ more counterparties ◈ more governance ◈ more credit risk ◈ more operational complexity S&P kept Sky at a B- rating and specifically highlighted this increasing complexity. So the interesting question for me isn’t whether Sky can grow USDS. It’s whether decentralized credit institutions can develop risk management good enough to support multi-billion-dollar balance sheets. That is a much harder problem imo.