DAI, issued by the Sky (formerly MakerDAO) Protocol smart contracts under the governance of SKY tokenholders, is an over-collateralized stablecoin that soft-pegs to the U.S. dollar (USD) and converts one-to-one with USDS and USD Coin (USDC) [S1][S2].

Holders receive a stablecoin that maintains a one-to-one peg with the U.S. dollar (USD), minted against collateral deposited in Sky protocol vaults where deposited assets must exceed the value of stablecoin generated, with automatic liquidation if collateral falls below required thresholds [S3]. Collateral types include ETH and real-world-asset-backed products, with SKY governance able to add or remove types and adjust risk parameters [S3]. Holders bear all network gas fees and any protocol service fees [S4].

There is no corporate token issuer; the stablecoin is issued by permissionless, non-custodial smart contracts governed by SKY tokenholders [S1][S3]. The sky.money interface is operated by Skybase International, governed under the law of the Cayman Islands, which states it is not a broker, dealer, exchange, investment adviser, custodian or financial service provider of any kind, and claims no regulator or license [S4]. Users must reach the age of majority and must not reside in prohibited jurisdictions or appear on OFAC sanctions lists [S4]. The stablecoin is convertible one-to-one to USDC through the protocol peg mechanism, and holders retain exclusive control over their cryptoassets [S1][S4].

The stablecoin is an ERC-20 token issued on Ethereum, the protocol's primary issuance, liquidity, and governance home, and other supported networks, with cross-chain transfers enabled via SkyLink, the protocol's official bridging infrastructure [S5][S2]. It is minted by depositing collateral into over-collateralized smart-contract vaults and generated one-to-one through the protocol peg module, settling onchain effectively immediately on Ethereum [S3][S2]. Collateral and rate analytics are published at info.sky.money [S5].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://sky.money/" },
    { id: "S2", url: "https://docs.sky.money/legal/skybase-international/user-risks" },
    { id: "S3", url: "https://docs.sky.money/legal/skybase-international/user-risks.md" },
    { id: "S4", url: "https://docs.sky.money/legal/skybase-international/terms-of-use.md" },
    { id: "S5", url: "https://sky.money/susds" },
  ]}
/>


Stablecoins

Overcollateralized borrowers deposit funds into Sky and receive DAI stablecoin.

Sky is a non-custodial stablecoin protocol built on Ethereum. Sky (previously MakerDAO) was founded by Rune Christensen and launched in 2015.

SKY tokenholders own and govern the protocol. They currently take all of the total interest and PSM fees paid by borrowers (revenue). Sky’s investors include a16z, Polychain, IOSG Ventures, etc.

governance

github

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discord

etherscan

website

Stablecoin issuers

Sky | Fees and revenues breakdown

Dai Stablecoin (DAI) is a U.S. dollar stablecoin issued by Sky.

Holders can mint and redeem directly with Sky in USDS.

DAI has been issued on Ethereum as an ERC-20, Cardano native asset, SPL Token, and Starknet ERC-20 token since November 2019, with bridged versions on ten more.

Dai StablecoinDAI

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