v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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USDS (+ sUSDS)

Sky (formerly MakerDAO) · Decentralized CDP stablecoin with savings rate · Ethereum · $8.0B supply · as of 2026-07-11

The most battle-tested decentralized dollar (with DAI lineage). Overcollateralized, transparent onchain, S&P-assessed. Risk drifts with governance decisions on RWA and ecosystem collateral allocations.

B+
77.8
draftconf high
Haircut: 10.0%
base 10% (B+) x 1.00 (high confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves78 · 25%
Overcollateralized mix of crypto, T-bill exposure and DeFi allocations; fully onchain-inspectable but heterogeneous. [1][2]
Redemption & exit80 · 20%
No fiat redemption; PSM and deep onchain liquidity have held peg through multiple cycles. [1]
Counterparty & custody75 · 15%
RWA custody intermediaries and DeFi integrations (incl. rating-adjacent allocations) add named counterparties. [1]
Peg & market infrastructure80 · 15%
Long peg history incl. surviving Mar 2020 and 2022; priced at market in lending venues. [1]
Leverage & rehypothecation70 · 15%
sUSDS/DAI loops exist across lending markets; moderate recursive usage. [1]
Transparency & governance85 · 10%
Everything onchain and forum-documented; governance complexity is the cost. [1]
What would change this grade: Material allocation of reserves into illiquid or affiliated collateral via governance, or erosion of the surplus buffer, would cut Backing and Leverage.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1][2]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1