Sky, previously recognized as Maker, has introduced its USDS stablecoin to the Solana
On November 19, Sky announced that USDS is the first stablecoin native to DeFi on Solana. The team emphasized that the launch aims to enhance liquidity and total value locked (TVL) on Solana’s DeFi platforms.
A key component of this initiative is the planned introduction of SkyLink, a cross-chain bridging solution for USDS and its “savings” variant, sUSDS. This rollout is designed to ensure interoperability and expand the utility of Sky’s stablecoins across multiple blockchains.
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USDS itself is an evolution of the stablecoin Dai
To drive the adoption of USDS among Solana users, Sky has launched an incentive program that rewards early adopters and liquidity providers on various DeFi platforms.
For instance, Kamino Finance participants can earn weekly rewards of 200,000 USDS for providing liquidity in USDC
Sky’s native integration with Solana is powered by Wormhole’s Native Token Transfer (NTT), which ensures smooth and efficient operations for USDS on the network. This functionality reinforces the stablecoin’s usability across Solana’s ecosystem, providing users seamless access to DeFi tools.
While Sky expands DeFi with its USDS stablecoin on Solana, Binance is in the spotlight for BFUSD. Why is it stirring debate? It’s because some people think it might end up like the infamous TerraClassicUSD.
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