Token Terminal just made it official: sUSDS, the yield-bearing stablecoin from Sky Protocol (the project formerly known as MakerDAO), is now live on their tokenized assets dashboard with a $3.9 billion market cap.

In a thread posted yesterday, the on-chain data powerhouse pointed out that Sky has quietly climbed back to the #3 largest stablecoin issuer, sitting behind only Tether (USDT) and Circle (USDC).

Their explanation is simple but powerful:

“Its strategy is clear: differentiate through yield.
sUSDS is a yielding dollar asset.
USDT and USDC are payment stablecoins.
Different designs, different jobs to be done.”

Why yield is winning users

Most stablecoins are built for payments and trading — you hold USDT or USDC because they’re liquid, widely accepted, and (usually) stay pegged 1:1 to the dollar. They don’t pay you anything for holding them.

sUSDS does the opposite job: it’s built for saving. When you convert USDS → sUSDS you instantly start earning the Sky Savings Rate (currently around 4-8 % depending on DAI/sUSDS demand and real-world asset performance). The yield accrues automatically in your wallet with no lock-up and no extra steps.

That single feature has driven massive inflows since the Sky rebrand launched in late 2024 / early 2025. The chart in Token Terminal’s announcement card shows the market cap climbing steadily for months and then accelerating again in recent weeks.

What Token Terminal’s addition actually means

By listing sUSDS on the tokenized assets / RWA dashboard, Token Terminal is treating it the same way they treat tokenized treasuries, private credit funds, and even tokenized stocks. In other words, they see yield-bearing stablecoins as a legitimate real-world asset class now — not just “DeFi stuff”.

You can explore the full data here:
→ https://tokenterminal.com/explorer/tokenized-assets

Quick takeaway for degens and normies alike

If you’re parking money on-chain and you’re still using zero-yield stablecoins in 2025, you’re literally paying an opportunity cost every day you hold them. sUSDS (and its older brother sDAI (still hanging around from the Maker days) have proven that users will move billions when you simply pay them to hold your dollar.

Sky’s comeback to the #3 spot shows the strategy is working exactly as planned.

Whether you’re farming points, trading memecoins, or just trying to preserve purchasing power, a stablecoin that pays you instead of the issuer is hard to ignore.