#Sky stablecoin USDS market cap surges#
Hot Topic Overview
Overview
The market capitalization of USDS, the stablecoin under Sky, has recently surged, exceeding $2.1 billion and placing it fifth among stablecoins. Over the past month, USDS market capitalization has grown by nearly 99%, with a year-over-year increase of 12.50%, causing a stir in the DeFi space. The surge in USDS issuance is primarily attributed to DAI swaps and the rapid growth of Sky's own ecosystem. Currently, Sky's total value locked has reached £1.45 billion.
Ace Hot Topic Analysis
Analysis
Sky's stablecoin USDS has recently seen a significant surge in market capitalization, exceeding $2.1 billion and ranking as the fifth largest stablecoin. This growth reflects a near 99% increase over the past month. The growth can be attributed primarily to the rapid increase in USDS issuance, which saw a 99% growth last month and a year-on-year increase of 12.50%. Notably, $123 million of this increase originated from DAI swaps. The rapid growth of USDS has created a buzz within the DeFi space, signifying the market's recognition of the Sky ecosystem. Sky's total value locked (TVL) is also on an upward trajectory, reaching £1.45 billion as of January 18, 2025. The success of USDS has further propelled the total stablecoin market capitalization to surpass $209 billion, a new all-time high.
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Public Sentiment
Discussion Word Cloud
Classic Views
Sky stablecoin USDS market cap grows rapidly, nearly doubled in the past month, reaching $2.1 billion, ranking as the fifth largest stablecoin.
USDS issuance has increased by 99% in the past 30 days, and 12.50% year-over-year, causing a sensation in the DeFi space.
Part of USDS's growth comes from DAI swaps, with $123 million coming from DAI swaps.
Sky's TVL (Total Value Locked) reached £1.45 billion as of January 18, 2025.