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About

Sky (the rebrand of MakerDAO) issues USDS and DAI, decentralized stablecoins, and runs the Sky Savings Rate paid on sUSDS. As the original DeFi credit system (the Maker Vault / collateralized debt position model), Sky remains a foundational lending and stablecoin protocol, channeling billions into RWAs and DeFi via its SubDAO stars including Spark.

Originator of the DeFi CDP/lending model; issues USDS and DAI.

Stablecoins

USDSDAIsUSDSsDAI

Key products

USDSDAIsUSDSSky Savings RateSKYSparkSpark SavingsSparkLendSpark Savings (sUSDS)Spark Liquidity LayersDAI

Chains

EthereumBaseSolanaArbitrumGnosis
Founded
2014
HQ
Remote
Stage
Token (SKY)
Funding
DAO-governed (formerly MKR)

Related companies

Aave logo

Aave

Largest DeFi lending protocol

Aave is the largest decentralized money market, where users supply and borrow assets across multiple chains. Stablecoins (USDC, USDT, USDS, DAI) dominate its borrow markets, and Aave also issues its own overcollateralized stablecoin GHO. Aave V3 holds roughly $19B+ TVL as of 2026, making it the deepest source of onchain stablecoin liquidity. Its V4 architecture and Horizon RWA markets extend lending to institutional and tokenized assets.

DeFi: Lending & YieldDecentralized StablecoinsYield-Bearing Dollars
Aegis logo

Aegis

Bitcoin-backed yield-bearing dollar (YUSD)

Aegis issues YUSD, a decentralized, Bitcoin-backed yield-bearing stablecoin pegged 1:1 to the US dollar. BTC collateral is held with institutional custodians (Fireblocks, Copper, CEFFU) and kept off centralized exchanges, while a delta-neutral hedging strategy using BTC-margined perpetuals keeps the peg stable. YUSD earns yield from perpetual funding-rate capture and basis trading, distributed to holders without staking or lockups, with full proof-of-reserves transparency. Aegis also offers a Yield-as-a-Service product for wallets and exchanges.

Yield-Bearing DollarsDecentralized StablecoinsDeFi: Lending & Yield
Anzen Finance logo

Anzen Finance

Issuer of USDz private-credit-backed stablecoin

Anzen Finance issues USDz, a stablecoin backed by a diversified portfolio of tokenized private credit assets, with sUSDz as the staked yield-bearing version. Backed by Circle Ventures, Mechanism Capital and Frax. USDz experienced a depeg episode that pressured the protocol.

Yield-Bearing DollarsRWA & TokenizationDecentralized Stablecoins
Avalon Labs logo

Avalon Labs

Bitcoin-backed stablecoin USDa

Avalon Labs is a Bitcoin-focused DeFi protocol that issues USDa, an overcollateralized stablecoin minted against Bitcoin and BTC liquid staking assets, with a fixed borrowing rate. It is a leading BTCFi credit and stablecoin platform.

Decentralized StablecoinsDeFi: Lending & YieldYield-Bearing Dollars
Avant Protocol logo

Avant Protocol

Issuer of avUSD stable-value token on Avalanche

Avant Protocol is an Avalanche-based DeFi platform issuing avUSD, a stable-value token backed by USDC/USDT deposits managed via market-neutral strategies, with savUSD as the staked yield-bearing version. Launched in 2024.

Yield-Bearing DollarsDecentralized StablecoinsDeFi: Lending & Yield
Bracket logo

Bracket

Institutional yield vault infrastructure (bsUSD)

Bracket (Bracket Labs) is institutional-grade vault infrastructure for digital assets, securely scaling on- and off-chain yield. Originating as a DeFi derivatives protocol in 2021-2022, the team was an overall runner-up in the Binance Labs Incubator's Build-the-Block competition in 2023. Bracket offers strategy vaults such as brUSDC (risk-adjusted USDC yields) and brktETH (a composite of liquid staking tokens), and powers stablecoin products including bsUSD for issuers and strategy managers seeking yield.

Yield-Bearing DollarsDecentralized StablecoinsDeFi: Lending & Yield