tl;dr
Sky, formerly known as Maker, has launched its USDS stablecoin on the Solana blockchain, positioning it as the first major DeFi-native stablecoin on Solana. The integration is powered by Wormhole's Native Token Transfer, making USDS natively multichain on both Solana and Ethereum without requiring w...
Sky, formerly known as Maker, has launched its USDS stablecoin on the Solana blockchain, positioning it as the first major DeFi-native stablecoin on Solana. The integration is powered by Wormhole's Native Token Transfer, making USDS natively multichain on both Solana and Ethereum without requiring wrapped tokens. Sky is rewarding early adopters and liquidity providers on Solana's DeFi platforms.
USDS is currently the third-largest stablecoin by market capitalization at $5.24 billion. In August, Maker rebranded to Sky, renaming its DAI stablecoin and MKR governance token to USDS and SKY, respectively, to capture its role in the "next evolution of DeFi."
As part of the launch, Sky is rewarding early adopters, including users and liquidity providers engaging with USDS across four key Solana DeFi platforms. USDS is currently the third-largest stablecoin by market capitalization, boasting a value of $5.24 billion.
Sky, the DeFi lending protocol that was formerly known as Maker, has rolled out its USDS stablecoin on the Solana blockchain. According to the official announcement, Sky said the launch positions USDS as “the first major DeFi-native stablecoin on Solana,” offering new avenues for borrowing, lending, and trading on the blockchain’s leading DeFi platforms.
The update on X revealed that USDS’s integration on Solana is powered by Wormhole’s Native Token Transfer (NTT), which ensures the stablecoin is natively multichain. This is available on both Solana and Ethereum without needing wrapped tokens. It also facilitates the bridging of Sky’s governance token, SKY, to the Solana network.
As part of the launch, Sky is rewarding early adopters, including users and liquidity providers engaging with USDS across four key Solana DeFi platforms.