The score, by dimension
- the same for all 7
- #5 of 7 · best 17.8
- the same for all 7
- the same for all 7
- the same for all 7
Tick: the best in this ranking · Methodology v2026.11.1
Sky (formerly MakerDAO) USDS
Governance-run stablecoin system
#5 of all 7 worldwide58
- Rank
- #5 of all 7 worldwidere-runs: scores 56–60 and stays #5
- Your cost
- Not priced on this basis
- Evidence
- High4 of 4 criteria sourced
- Licence
- No MiCA record on file
- Freshness
- Read October 2026checked · re-read due
Check availability for your country
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Crypto products are high risk. Check the provider is authorised where you live before you deposit.
The verdict
Sky (formerly MakerDAO) USDS is #5 of 7 published CDP stablecoins; it scores 7/10 on peg resilience, the category best. Its widest gap is liquidation mechanics: 4/10, where Curve crvUSD scores 9. Choose Curve crvUSD if liquidation mechanics matter most.
Is Sky (formerly MakerDAO) USDS right for you?
Suits you if
- Observed peg behaviour under stress7/10, the category best
Look elsewhere if
- Liquidation mechanics you actually bear4/10 here; Curve crvUSD scores 9
- What actually backs the coin2/10 here; Curve crvUSD scores 4
- Cost of the loan and who controls it3/10 here; Curve crvUSD scores 7
Not yet tested for your country. Markets it lists: Global. Restricted: United Kingdom, Hong Kong.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best CDP stablecoin shows where it lands for you.
What will Sky (formerly MakerDAO) USDS cost you?
Not priced on this basis
- Amount borrowed
- $10k
How safe is Sky (formerly MakerDAO) USDS?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read October 2026.
- LicenceMiCA (EU): no register record on file here.
If it doesn’t fit, choose
Compare all 4- 3Curve crvUSDIf liquidation mechanics matter most: 915 points above · stronger on liquidation mechanics (9 against 4)73$330 a year · read
- 4Aave GHOIf liquidation mechanics matter most: 69 points above · stronger on liquidation mechanics (6 against 4)67$450 a year · read
- 6Ethena USDe7 points below · weaker on peg resilience (4 against 7)51
Provider at a glance
- Category
- CDP Stablecoins
- Entity
- All 4 Sky products
- Official website
- docs.sky.money
Independent rankingchecked How it works
Details
Scored 58 out of 100 under methodology 2026.11.1, from the evidence read in October 2026.
For your setup
Find out if Sky (formerly MakerDAO) USDS fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Sky (formerly MakerDAO) USDS lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
- A few questions
- No account required
- Ranking-blind: no commercial input
- Personalised in under 60 seconds
Find my best CDP stablecoinNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why Sky (formerly MakerDAO) USDS ranks #5
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (12.5 here) sit inside the score; availability, friction, trust record and measured data add the rest. Best in this ranking on 1 of 4.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
354+4.486.09#5/7
Third party
Third party · read 2026-10-22252+1.604.08#5/7
Third party
Third party · read 2026-10-22203+1.926.010#5/7
Third party
Third party · read 2026-10-22207+4.484.07#1/7
Third party
Third party · read 2026-10-22Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−9behind Aave GHO, #4 of all 7 worldwide, on the published score
RobustnessHoldsacross a one-point change to each of its 4 criterion scores, the re-run scores 56–60 and stays #5
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of Sky (formerly MakerDAO) USDS’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
Liquidation mechanics you actually bear 4 → 9 on its ladder · passes Aave GHO+569#5 → #4
What actually backs the coin 2 → 8 on its ladder · passes Aave GHO+668#5 → #4
Liquidation mechanics you actually bear 4 → 0 on its ladder · Ethena USDe passes it−449#5 → #6
Observed peg behaviour under stress 7 → 1 on its ladder · Ethena USDe passes it−651#5 → #6
Smallest climb: liquidation mechanics you actually bear 4 → 9 passes Aave GHO, #4.
Strengths
1 from the score dataWhere it leads
Best for readers who weight
- Observed peg behaviour under stress — 7/10, the category best
Tradeoffs
3 from the score dataWhere it trails
Not for readers who put first
- Liquidation mechanics you actually bear — 4/10 against a category best of 9/10
- What actually backs the coin — 2/10 against a category best of 8/10
- Cost of the loan and who controls it — 3/10 against a category best of 10/10
Record watch-outs
- Sky publishes no live per-vault parameters. docs.sky.money's sitemap lists only a legal index, privacy policy, terms of use and user risks, and developers.skyeco.com explains the mechanisms with a worked example but no live table, so every vault parameter in this row had to be read from mainnet contracts: the largest CDP stablecoin issuer publishes no live table of its liquidation ratios, 13% penalties or 9.25–10.50% ETH-vault stability fees on any page it controls.
- Both facts are confirmed on chain: Jug.ilks(WBTC-B) duty compounds to 15.00%, and Vat.ilks(WBTC-B).line = 0. A rate you cannot borrow at cannot be the top of a quoted borrowing range. The live borrowable range across vaults with a non-zero ceiling is 9.25% (ETH-C) to 10.50% (WSTETH-A). Every other Sky figure in the research is exact to the dollar, so this is a framing fix, not a data problem — but it inflates the headline Sky-vs-crvUSD spread. Read again 15 September 2026: the WBTC ceilings are still $0, but 9.25–10.50% is the range against ETH collateral only; LSEV2-SKY-A, whose collateral is Sky's own SKY token, has a 191,000,000 ceiling, 158,987,164 of debt and a 6.15% fee.
Competitive position
How Sky (formerly MakerDAO) USDS places on each criterion
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Against the leader
80 vs 58 · gap 22.0Why Liquity V2 (BOLD) ranks above Sky (formerly MakerDAO) USDS
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 22.0 to within rounding.
DimensionThisLiquity V2 (BOLD)Gap share
Availability · 23% weight · constant here14.014.0same
Published criteria · 35% weight9.417.8−21.8, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisLiquity V2 (BOLD)Points
Liquidation mechanics you actually bear · w3548−4.48, worse
What actually backs the coin · w2528−4.80, worse
Cost of the loan and who controls it · w2039−3.84, worse
Observed peg behaviour under stress · w2074+1.92, better
Net5880−22.0
Your scenario
Sky (formerly MakerDAO) USDS is not priced for this scenario
Interest on what you borrow at the published rate. Variable rates move; excludes origination and liquidation penalties. Change an input and every figure recomputes from the published rate; the published rank does not move.
interest/yr · default scenario — set your own
Amount borrowed · your input$10k
Rate read from the provider’s published pricing ↗ on 22 October 2026.
interest/yrCost is stated as interest/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDTypical costNot statedFewer than 5 priced rows: no typical cost is named · 3 of 7 rows priced
Lowest fee, priced rows$249 · Liquity V2 (BOLD)Difference not stated · availability not applied — set your country to filterCompare with Liquity V2 (BOLD)
3 of 7 rows in this ranking have no verified rate for this scenario and are absent from the typical, not counted as free.
1 of 7 quote a zero fee that leaves costs out, so they are absent from the typical and the lowest fee, not counted as free.
Evidence
Evidence read 22 October 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessHoldsrank #5 across every one-point re-run
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 10 November 2026; this category's reading is older. The scores stand as read on 22 October 2026.
CriterionSourceTypeReadFreshnessStatusReceipt
Liquidation mechanics you actually bearstrength 4 · weight 35Report an errorThird-party page22 October 2026…
Verified
The published strength matches the evidence cell and a source page is on file.What actually backs the coinstrength 2 · weight 25Report an errorThird-party page22 October 2026…
Verified
The published strength matches the evidence cell and a source page is on file.Cost of the loan and who controls itstrength 3 · weight 20Report an errorThird-party page22 October 2026…
Verified
The published strength matches the evidence cell and a source page is on file.Observed peg behaviour under stressstrength 7 · weight 20Report an errorThird-party page22 October 2026…
Verified
The published strength matches the evidence cell and a source page is on file.How you can lose money here, and what the ranking scores
- Control failure (Sky (formerly MakerDAO) USDS 3/10): a key or vote changes the rules, freezes or mints.Scored by Cost of the loan and who controls it · 20%
- Oracle failure (Sky (formerly MakerDAO) USDS 4/10): a wrong price or outcome liquidates or settles a position.Scored by Liquidation mechanics you actually bear · 35%
- Insolvency failure (Sky (formerly MakerDAO) USDS 2/10): the firm or issuer that owes you cannot pay.Scored by What actually backs the coin · 25%
- Exit failure (Sky (formerly MakerDAO) USDS 7/10): you cannot get out at par, on time, or with what is yours.Scored by Observed peg behaviour under stress · 20%
Not assessed by this ranking: Contract failure, Regulatory failure, Execution failure. A high place says nothing about these; the Methodology tab says what each means.
Facts
facts, not scoresWhat the record publishes
- Pricing
- Not published by the vendor. docs.sky.money's sitemap lists four pages (legal index, privacy policy, terms of use, user risks) and none carries a liquidation ratio, liquidation penalty or stability fee; developers.skyeco.com documents the mechanisms with a worked example ('chop = 1.13 * WAD (13% above)') but no per-vault live table. Read on-chain 22 October 2026 (Ethereum block 26246932, 08:22:47Z; Jug 0x19c0976f590D67707E62397C87829d896Dc0f1F1, Spot 0x65C79fcB50Ca1594B025960e539eD7A9a6D434A3, Dog 0x135954d155898D42C90D2a57824C690e0c7BEf1B, Vat 0x35D1b3F3D7966A1DFe207aa4514C12a259A0492B), stability fee = Jug duty compounded over a year: ETH-A 145% ratio / 10.50% stability fee / 13% penalty; ETH-B 130% / 11.00% / 13%; ETH-C 170% / 10.25% / 13%; WSTETH-A 150% / 11.50% / 13%; WSTETH-B 175% / 11.25% / 13%. Jug.base() = 0. Every ETH vault fee is one point higher than on 15 September 2026. WBTC-A/B/C carry 15.25-16.00% fees but a $0 debt ceiling (no new borrowing), so the live borrowable range against ETH collateral is 10.25% (ETH-C) to 11.50% (WSTETH-A). The one other open crypto vault, LSEV2-SKY-A (collateral: Sky's own SKY token), charges 6.45% at a 120% ratio and 13% penalty.Sky (formerly MakerDAO) USDS — official pricing page ↗ · 22 October 2026
- Prices published in
- USDSky (formerly MakerDAO) USDS — official pricing page ↗ · 22 October 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- Not published
- Supported chains
- Multi-chain
- Markets served
- global
- Primary markets
- Not published
- Restricted markets
- United Kingdom, Hong Kong
- Operating limits
- Not published
- Availability note
- Permissionless contracts; the sky.money Web App's Skybase International Terms of Use (Version 2.0, Last Modified: 1 September 2026; read 22 October 2026 at docs.sky.money/legal/skybase-international/terms-of-use.md) say: "You represent and warrant that you are not a resident of any of the following countries or regions" ("Prohibited Jurisdictions"): "Afghanistan, Belarus, Burma, Burundi, Central African Republic, China, Crimea, Cuba, Democratic Republic of the Congo, Donetsk, Ethiopia, Guinea, Guinea-Bissau, Haiti, Hong Kong, Iran, Iraq, Kherson, Lebanon, Libya, Luhansk, Mali, Nicaragua, Niger, North Korea DPRK , Russia, Somalia, South Sudan, Sudan and Darfur, Syria, United Kingdom, Venezuela, Yemen, Zaporizhzhia, and Zimbabwe." and "Users residing in some restricted jurisdictions are provided a limited version of the Web App and are expressly prohibited from accessing or attempting to access any restricted features." The contracts themselves are not gated. Bucket: global.
Legal entity on file: Sky, placed in 4 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Sky (formerly MakerDAO) USDS: where to complain, and where to report a scam
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How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
10 methodology entries
- 22 October 2026Current verified snapshot · methodology 2026.11.1Score 58, #5 of 7. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 15 October 2026
2026.10.10The live-data rule names the researched market measurements a criterion reads- changed The live-data rule names a second kind of figure a score reads: a researched, dated market measurement a criterion's ladder is built on, read again on the 45-day review. /methodology/live-data lists the 14 criteria that read one; no score, rank or order changes.
- changed A saved decision is checked again on the answers the reader saved. The drift check had merged a priority suggested by the market (price swings, gas) into those answers, so a market reading could move a saved decision's #1; the published ranking never read it.
- added On every build a test reads every criterion's published ladder: one that names a market quantity or a market-data source must be declared, and every scored row of a declared criterion must carry the source and the date its figure was read.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
Methodology 2026.11.1, the same published run every visitor sees · receipt cdp_stablecoins:sky_usds:2026.11.1:3ca1ffa85b58
Are you Sky (formerly MakerDAO) USDS? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.