USDS/USD price feed
USDS is the dollar of the Sky ecosystem and the successor to DAI. Successor is the interesting word here, because DAI did not go anywhere. Both dollars are still issued, still held and still traded, which leaves a market running between one issuer's old dollar and its new one.
Aggregate on-chain rate: hourly view of the last 4 weeks. The API itself updates block by block. Request API access
Book composition · auto-observed
The biggest pool holds more than half of this book at present, with the balance spread over several chains.
A dollar with its predecessor still trading
Most stablecoin successions are announcements. This one is a market. Holders can move between the two dollars whenever they choose, so the conversion is not a deadline that passes but a trade that keeps being available.
That leaves something unusual to measure: a direct market between two dollars from the same issuer, with its own pools on either side. Neither is a wrapper of the other. They are siblings with separate books.
This catalog prices both. The DAI page reads its own market the same way this one does, which makes the pair of readings comparable rather than two numbers from different methods.
What a migration looks like from below
Liquidity answers before holders do. When one dollar starts carrying more of the trading, the pools show it first: venues deepen on one side, thin on the other and the routes that traders take quietly change shape.
None of that arrives in a press release. It accumulates block by block in the places where the two dollars meet, which is why a reading taken from the venues themselves says more about where a migration stands than any announced milestone.
The composition beside the rate is where that shows. It reports the venues carrying this dollar right now, whatever they were carrying last month.
The savings side
USDS also has a savings form, which accrues while it sits rather than holding at a dollar. That token has its own page, its own book and a value that drifts upward by design.
Holding the two side by side is the point: one is the dollar, the other is the dollar plus what it has earned. Reading either without the other gives half the picture.
Who runs on this rate
Treasuries holding ecosystem dollars
Two dollars from one issuer need two marks, since the market can price them apart even when the issuer treats them as equivalent.
Desks routing between stablecoins
The direct market between the two is where a conversion actually fills, rather than at the rate a converter quotes.
Risk teams tracking migrations
Where liquidity sits is a leading indicator of where a migration stands and it is observable long before it is announced.
Where the USDS market lives
Active USDS/USD pools per chain, as observed by the feed on 2026-10-27.
USDS in the catalog
6 pairs, each computed from its own pools with the same methodology:
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