Sky adds $110M in stablecoin market cap in 24 hours, outpacing every other issuer

Sky, the rebranded descendant of MakerDAO, grew its stablecoin market cap by $110.3 million in a single 24-hour period. That’s more than any other stablecoin issuer managed in the same window, a milestone that underscores just how far the protocol has come since its Endgame-era transformation. For a project that spent years being synonymous with DAI and decentralized governance drama, Sky has quietly built itself into the third-largest stablecoin issuer by market capitalization. Only Tether and Circle sit above it. The numbers behind the surge Sky’s total stablecoin market cap now sits somewhere in the range of $9.5 billion to $13.4 billion, depending on which metrics you’re tracking. That puts it firmly in bronze-medal position, though the gap to the top two remains enormous. Tether commands roughly $183 billion in stablecoin supply, while Circle’s USDC hovers between $72 billion and $76 billion. The $110.3 million single-day gain was driven primarily by USDS, Sky’s flagship stablecoin that replaced DAI as the protocol’s centerpiece during the 2024 rebrand. USDS supply growth has outpaced the global stablecoin market average throughout 2025, suggesting this isn’t a one-day anomaly...