# USDS stablecoin data

USDS on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum, Base, Ethereum and Solana.

Canonical: https://achivx.org/stablecoins/usds/
Updated: 2026-11-01
As of: 2026-10-31

Data card for USDS: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX).

## Issuer and rules

What issuer documents and public registers say about USDS, each row with its source. Register rows give the register's own date or the date we checked it.

| Fact | Value | Source |
|---|---|---|
| Issuer | Sky Protocol. Skybase International’s terms of use say Skybase International does not control or operate any version of the Sky Protocol on any blockchain network and that the Sky Protocol is not part of its Services. Quote: "For the avoidance of doubt, Skybase International does not control or operate any version of the Sky Protocol or Other Protocol on any blockchain network and the Sky Protocol or Other Protocol is not part of the Services." | [docs.sky.money](https://docs.sky.money/legal/skybase-international/terms-of-use) |
| Type | Category: crypto-collateralised. Sky.money describes USDS as the native stablecoin of Sky Protocol, “Overcollateralized and verifiable onchain”. Sky also says USDS is the upgraded version of DAI. | [sky.money](https://sky.money/), [sky.money](https://sky.money/blog) |
| Redemption | Sky’s docs say fees have not been activated for USDS to USDC and USDC to USDS swaps in the LitePSM (fees could change), and the DAI-USDS converter converts at a fixed 1:1 ratio with no fees, which cannot be enabled in the future. | [developers.sky.money](https://developers.sky.money/protocol/liquidity/litepsm/), [developers.sky.money](https://developers.sky.money/protocol/tokens/usds/) |
| Reserves | As of 1 November 2026. No accountant’s report. Collateral is shown on Sky’s on-chain dashboard (info.skyeco.com); the dashboard data read on 1 November 2026 is dated 1 November 2026. | [info.skyeco.com](https://info.skyeco.com/) |
| Yield to holders | Sky.money says the Sky Savings Rate is a variable protocol rate funded from aggregate Sky protocol surplus and can change over time; sky.money showed 3.80% APY for it on 2026-11-01. | [sky.money](https://sky.money/) |
| Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "USDS", "Sky"). | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) |
| Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "USDS", "Sky"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) |
| Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "USDS", "Sky"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) |
| Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "USDS", "Sky"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) |

Checked against the sources on 1 November 2026. Not legal advice.

- revain.org: [revain.org/coins/usds](https://revain.org/coins/usds/)
- Glossary: [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Freeze (address freeze)](/glossary/freeze/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/), [Peg / depeg](/glossary/peg-depeg/)

## Issuance, 30 days

| Network | Minted | Burned | Net issuance | Window | Scanner build | Source |
|---|---|---|---|---|---|---|
| All covered networks | US$14.5 bn | US$14.9 bn | -US$401 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usds-explorer](https://stablescan.achivx.com/usds-explorer) |
| Ethereum | US$14.5 bn | US$14.8 bn | -US$303 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/usds](https://stablescan.achivx.com/ethereum/stablecoin/usds) |
| Base | US$856,521 | US$0.11 | US$856,520 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base/stablecoin/usds](https://stablescan.achivx.com/base/stablecoin/usds) |
| Arbitrum | US$99.65 | US$99.3 m | -US$99.3 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/usds](https://stablescan.achivx.com/arbitrum/stablecoin/usds) |

The scanner gives no issuance figure for USDS on Solana.

Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance.

## Issuer acts

The scanner indexes no issuer acts for USDS.

## Freeze function in the contract

What the USDS contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date).

| Network | Contract | Deployment | Freeze function | Source |
|---|---|---|---|---|
| Arbitrum | `0x6491c05a82219b8d1479057361ff1654749b876b` | native | no freeze function | [stablescan.achivx.com/arbitrum/stablecoin/usds](https://stablescan.achivx.com/arbitrum/stablecoin/usds) |
| Base | `0x820c137fa70c8691f0e44dc420a5e53c168921dc` | native | no freeze function | [stablescan.achivx.com/base/stablecoin/usds](https://stablescan.achivx.com/base/stablecoin/usds) |
| Ethereum | `0xdc035d45d973e3ec169d2276ddab16f1e407384f` | native | no freeze function | [stablescan.achivx.com/ethereum/stablecoin/usds](https://stablescan.achivx.com/ethereum/stablecoin/usds) |
| Solana | `USDSwr9ApdHk5bvJKMjzff41FfuX8bSxdKcR81vTwcA` | native | freeze only | [stablescan.achivx.com/solana/stablecoin/usds](https://stablescan.achivx.com/solana/stablecoin/usds) |

## Settlement volume

The scanner publishes no organic settlement figure for USDS alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/).

## Links

- Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/usds-explorer](https://stablescan.achivx.com/usds-explorer)
- ACHIVX Academy issuer page: [achivx.com/academy/issuers/sky.html](https://achivx.com/academy/issuers/sky.html)

## How these figures are made

- **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used.
- **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here.
- **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from.
- **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities.
- Scanner methodology version: `stablscan-methodology-v0.6.0`.

## revain.org
- https://revain.org/coins/usds/

## Sources
- https://achivx.com/academy/issuers/sky.html
- https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec
- https://developers.sky.money/protocol/liquidity/litepsm/
- https://developers.sky.money/protocol/tokens/usds/
- https://docs.sky.money/legal/skybase-international/terms-of-use
- https://info.skyeco.com/
- https://sky.money/
- https://sky.money/blog
- https://stablescan.achivx.com/arbitrum/stablecoin/usds
- https://stablescan.achivx.com/base/stablecoin/usds
- https://stablescan.achivx.com/ethereum/stablecoin/usds
- https://stablescan.achivx.com/solana/stablecoin/usds
- https://stablescan.achivx.com/usds-explorer
- https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
- https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf
- https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/