Sky adds $110M in stablecoin market cap in 24 hours, outpacing every other issuer

Sky, the rebranded descendant of MakerDAO, grew its stablecoin market cap by $110.3 million in a single 24-hour period. That’s more than any other stablecoin issuer managed in the same window, a milestone that underscores just how far the protocol has come since its Endgame-era transformation.

For a project that spent years being synonymous with DAI and decentralized governance drama, Sky has quietly built itself into the third-largest stablecoin issuer by market capitalization. Only Tether and Circle sit above it.

The numbers behind the surge

Sky’s total stablecoin market cap now sits somewhere in the range of $9.5 billion to $13.4 billion, depending on which metrics you’re tracking. That puts it firmly in bronze-medal position, though the gap to the top two remains enormous. Tether commands roughly $183 billion in stablecoin supply, while Circle’s USDC hovers between $72 billion and $76 billion.

The $110.3 million single-day gain was driven primarily by USDS, Sky’s flagship stablecoin that replaced DAI as the protocol’s centerpiece during the 2024 rebrand. USDS supply growth has outpaced the global stablecoin market average throughout 2025, suggesting this isn’t a one-day anomaly but rather part of a sustained trend.

Sky’s broader ecosystem tells a similar story of accumulation. The protocol’s total tokenized assets have reached approximately $14.1 billion, with stablecoins forming the bulk of that figure. Meanwhile, the SKY governance token carries a market cap of around $1.5 billion, reflecting meaningful institutional participation. The Spark lending platform has accumulated over $4.75 billion in total value locked.

From MakerDAO to Sky: the long road here

Sky’s current positioning didn’t happen overnight. The protocol traces its origins to MakerDAO, one of DeFi’s earliest and most battle-tested projects. MakerDAO launched the Endgame roadmap between 2022 and 2024, a sweeping strategic overhaul that reimagined everything from governance structure to product lineup.

The rebrand to Sky was the most visible change. DAI, once the gold standard for decentralized stablecoins, was effectively succeeded by USDS. Sky has also expanded into yield-bearing products like sUSDS, where the yield comes from protocol revenue, and has achieved an S&P credit rating for parts of its system — the kind of institutional validation that signals traditional finance gatekeepers are starting to take decentralized stablecoin infrastructure seriously.