MakerDAO Sky Protocol

Atlas Verdict

MakerDAO Sky Protocol is under active Atlas coverage with live issuer, risk, and verification data sourced from Supabase.

Sky Protocol (formerly MakerDAO) operates the DAI stablecoin and new USDS token backed by diversified collateral including $5B+ in real-world assets. The protocol maintains over-collateralization through automated liquidation mechanisms and governance-approved RWA vaults holding US Treasuries, corporate bonds, and real estate debt. Primary RWA exposure includes Monetalis Clydesdale vault ($1.25B T-bills), BlockTower Andromeda ($1.28B credit facilities), and HVBank participation notes. Sky Governance Token (SKY) holders vote on collateral parameters, risk frameworks, and vault onboarding through executive proposals executed via timelock contracts.

AUM / Size~$5.2B

Risk Score5.6

Verification3.2

BadgeATLAS MONITORED

Risk5.6

Transparency7.5

Verification3.2

DEFI PROTOCOLATLAS MONITOREDDeFi Protocol

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Risk LevelELEVATED

CategoryDeFi Protocol

JurisdictionUnknown

Chain Footprint1 Chain

Issuer Identification

Live Atlas SectionS0Updated 2026-04-02 12:09:24.685+00

Issuer ID: RWA-016 | Legal Issuers: Sky Ecosystem DAO (Cayman Islands); MakerDAO Foundation | Parent: Sky Protocol (formerly MakerDAO) | Asset Class: RWA-BACKED STABLECOIN | Structure: Decentralized Autonomous Organization; Over-Collateralized Stablecoin; RWA Vault System | Jurisdiction: Cayman Islands; Global Operations | Launch: 2017 (DAI); 2024 (Sky rebrand/USDS) | Primary Chain: Ethereum | Investor Access: PERMISSIONLESS (DAI/USDS minting); INSTITUTIONAL (RWA vaults) | Regulatory: DAO Structure; RWA components via regulated entities | Transparency: HIGH DISCLOSURE via on-chain governance

Issuer Overview

StructureStablecoin protocol

Asset ClassDEFI PROTOCOL

Investor TypeInstitutional / KYC

Min InvestmentVaries by product

Token StandardTokenized asset

Coverage StatusLive sections synced • 2026-04-02 15:48:00.983+00

Chain Infrastructure

Chain Footprint1 Chain

Chain Count1 chain

All Deployed Chains

ethereum

Market Position

Live Atlas SectionS12Updated 2026-04-02 15:46:38.798+00

MakerDAO's Sky Protocol operates the largest decentralized RWA-backed stablecoin ecosystem, managing $5+ billion in RWA collateral backing DAI/USDS. Positioned as the institutional-grade alternative to centralized stablecoins like USDC/USDT, Sky differentiates through transparent on-chain governance and diversified RWA exposure including US Treasuries via Monetalis Clydesdale, Coinbase Custody institutional bonds, and private credit through Centrifuge pools. Competes directly with Frax Finance ($800M RWA), Ondo Finance ($500M+ OUSG), and emerging protocols like Mountain Protocol (USDM). Target segments include DeFi protocols seeking yield-bearing collateral, institutional treasuries requiring transparent backing, and retail users via Sky.money interface. Sky's competitive moat lies in battle-tested MakerDAO governance framework, $13B+ TVL ecosystem, and first-mover advantage in decentralized RWA integration since 2022.

Atlas ClassificationMakerDAO's Sky Protocol operates the largest decentralized RWA-backed stablecoin ecosystem, managing $5+ billion in RWA collateral backing DAI/USDS