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USDS & DAI YIELD

USDS and sUSDS yield: the Sky Savings Rate explained

USDS is the upgraded DAI from Sky, the protocol formerly called MakerDAO. Its savings rate is one of the few stablecoin yields built into the protocol itself. Here is how it works, what changed for DAI holders and where USDS earns elsewhere.

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USDS yields at a glance

What single-asset USDS pools with at least $1M deposited were paying on 13 October 2026:

USDS pool statistics on 13 October 2026
Pools of $1M or more9
Median APY3.80%
Middle half of pools paid3.55% to 4.14%
Deposits in those pools$1.8B
Chains and protocols4 chains, 7 protocols
Most pools onEthereum (6, median 4.05%), Arbitrum (1, median 3.80%), Base (1, median 3.80%), Solana (1, median 3.13%)
Paying reward tokens1 of the 2 pools whose data splits base and reward APY
Stablecoin pairs including USDS3 of $1M or more
sUSDS pools of $1M or more8, median 3.80%, $5.5B deposited. Pools that report the savings rate show it; lending markets holding sUSDS as collateral show 0%.

Source: web3juice catalogue of public DeFi pool data, retrieved 2026-10-13 at 03:15 UTC. Pools with at least $1M TVL. APYs are as reported at that time, change constantly and are not a promise of returns. “Middle half” is the 25th to 75th percentile. Live figures: USDS pools in the explorer.

USDS key facts

Key facts about USDS
IssuerSky (formerly MakerDAO).
Relation to DAIUSDS is the upgrade of DAI. The two convert one for one at any time.
Savings tokensUSDS, an ERC-4626 vault token whose value in USDS grows at the Sky Savings Rate. No lock-up or exit fees.
Who sets the rateSKY governance, through a rate module with preset caps and step limits.
Recent rateAbout 3.80% APY after a 0.20-point rise on 7 October 2026; 4.00% in February and March 2026.
DAI savingsDAI keeps a separate, legacy savings rate through sDAI, at about 1.25% in October 2026.

How the Sky Savings Rate works

You deposit USDS and receive sUSDS. Your number of sUSDS stays the same, but each one becomes worth more USDS over time, at the Sky Savings Rate. Withdrawing turns sUSDS back into USDS, including what it has earned.

The rate is paid from Sky’s protocol revenue, such as fees on loans and returns on capital the protocol deploys. SKY governance changes it within preset limits, so it moves in steps rather than every block.

USDS, sUSDS and DAI: what changed

DAI still exists and still converts one for one to USDS. The difference is the savings rate: the older DAI Savings Rate, through sDAI, is a legacy module that paid about 1.25% in October 2026, while sUSDS paid about 3.8%.

The snapshot shows the same split: sDAI pools of $1M or more had a median APY of 1.25%, against 3.80% for sUSDS.

Where USDS earns in DeFi

Beyond the savings rate, USDS and sUSDS sit in lending markets, farming pools and stablecoin pairs. On 13 October 2026, 9 single-asset USDS pools of $1M or more had a median of 3.80%, and 3 stablecoin pairs of that size included USDS.

Watch two things. Some USDS farming pools pay mostly in reward tokens rather than interest. And 3 of the 8 large sUSDS pools showed a 0% APY, because they are lending markets where sUSDS sits as collateral: the savings rate still accrues in the token’s price.

Risks to weigh

  • Rate risk. Governance can lower the savings rate at any time within its limits.
  • Protocol risk. Sky’s revenue depends on its collateral and the capital it deploys; losses there would hit the system.
  • Smart-contract risk. sUSDS, the conversion module and any market you use it in each have their own code.

How to find the best USDS yield for you

  1. Open the live list. USDS pools of $1M or more, largest first, so tiny pools with outsized rates don’t crowd the top.
  2. Check what pays the APY. The list shows each pool’s base and reward split and its 30-day median and range. A free account opens the full history and the evidence checks still missing.
  3. Price the move. Use the APY calculator to see whether a higher rate pays back the gas and fees of switching.
  4. Set an alert, not a reminder. With a free account, get told in the app, by email or on Discord when your USDS pool’s APY or TVL crosses your line.

USDS yield FAQ

What is the Sky Savings Rate?

It is the rate Sky pays to USDS deposited in its savings module, which you hold as sUSDS. It was about 3.8% a year in October 2026. SKY governance sets it within preset caps, and it is paid from protocol revenue.

Is sUSDS the same as sDAI?

No. sUSDS earns the Sky Savings Rate on USDS; sDAI earns the older DAI Savings Rate, a legacy module that paid about 1.25% in October 2026. DAI and USDS themselves convert one for one.

Can I lose money in sUSDS?

The savings rate can go down, and sUSDS carries Sky’s protocol and smart-contract risks. It has no lock-up or exit fee, but like every stablecoin yield it is not insured.

Sources

Facts checked on 13 October 2026. Pool statistics: web3juice snapshot of 13 October 2026. Nothing here is financial advice.

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