#Sky Stablecoin Market Cap Surges#
Hot Topic Overview
Overview
Sky's stablecoin USDS has seen a significant increase in market capitalization recently, surpassing $2.1 billion and ranking fifth among stablecoins. This represents a near-doubling in value over the past month. Its issuance volume has surged by 99% over the past 30 days and has increased by 12.50% year-on-year, generating considerable buzz in the DeFi space. The growth in USDS issuance is primarily driven by DAI swaps, with $123 million coming from these swaps. Sky's rapid progress has also propelled the overall stablecoin market cap, which has now exceeded $209 billion, setting a new all-time high.
Ace Hot Topic Analysis
Analysis
The market capitalization of Sky’s stablecoin USDS has recently surged, exceeding $2.1 billion, making it the fifth-largest stablecoin. Over the past month, USDS's market cap has increased by nearly 99%, with a year-on-year growth rate of 12.50%. This rapid growth has caused a stir in the DeFi industry. According to Defillama data, USDS issuance has grown by 99% over the past month, with $123 million coming from DAI swaps. Sky's rapid growth has also fueled the growth of the total stablecoin market cap, which has now surpassed $209 billion, a new all-time high. Sky’s USDS growth is primarily attributed to its applications within the DeFi ecosystem and its interchangeability with other stablecoins. However, some analysts have also pointed out some risks associated with Sky's rapid growth, such as its rapid issuance rate and its competition with other stablecoins.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Sky stablecoin USDS market cap has been growing rapidly, nearly doubling in the past month to over $2.1 billion, making it the fifth largest stablecoin.
USDS issuance has increased by 99% in the past 30 days and 12.50% year-on-year, causing a stir in DeFi.
The growth in USDS market cap is mainly due to DAI swaps, with $123 million coming from DAI swaps.
Sky's total locked value (TVL) reached £1.45 billion as of January 18, 2025.