What is USDS's quality score?

USDS (Sky (formerly MakerDAO)) scores 57/100 on OnChain Benchmark's Stablecoin Quality Rating — Developing, as of Sep 26, 2026 (methodology v1.5-stablecoin).

How is USDS's quality score calculated?

OnChain Benchmark scores USDS across four equally weighted dimensions, each out of 25: reserve quality (18/25), redemption depth (25/25), transparency (0/25), holder concentration (not published — holder base too large or too widely distributed to measure to ground truth). The 57/100 composite reflects the three measured dimensions, renormalized. The full rubric is published at onchainbenchmark.com/methodology.

How concentrated is USDS's ownership?

OnChain Benchmark does not publish a holder-concentration figure for USDS: its holder base cannot be measured to ground truth (holder concentration is withheld rather than published as an unverifiable number). USDS's composite reflects its other measured dimensions.

What does Developing mean?

Under OnChain Benchmark methodology v1.5-stablecoin, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). USDS scores 57/100, placing it in Developing. Note that one of four dimensions cannot yet be measured for this instrument: Its holder base is too large or too widely distributed to measure to ground truth, so the concentration figure is not published. The composite reflects the three measured dimensions, renormalized.

OCB — Quality Rating

USDS Quality Rating

Sky (formerly MakerDAO) · Sky Dollar (USDS), the Sky protocol's upgraded US dollar stablecoin, successor to DAI.

USDS (Sky (formerly MakerDAO)) scores 57/100 on OnChain Benchmark's Stablecoin Quality Rating — rated Developing — across four dimensions: reserve quality 18/25, redemption depth 25/25, transparency 0/25, and holder concentration withheld (not measurable to ground truth) (methodology v1.5-stablecoin, as of Sep 26, 2026).

USDSStablecoin

Stablecoin Quality Rating

57/ 100

Developing

OCB — 01

USDS across four dimensions

Each dimension is scored out of 25, and the four add directly to the /100 composite — an equal-weight, plain sum. Last scored Sep 26, 2026 on methodology v1.5-stablecoin.

Dimension	Score
Reserve Quality	18 / 25
Redemption Depth	25 / 25
Transparency	0 / 25
Holder Concentration	Not measured
CompositeΣ (score)	57 / 100

Holder Concentration is withheld for this instrument. Its holder base is too large or too widely distributed to measure to ground truth, so the concentration figure is not published. The composite reflects the three measured dimensions, renormalized.

OCB — 02

OCB Instrument

Outstanding supply

Measured onchain daily, summed across every chain the fund is issued on. Latest reading $6.76B.

Source: USDS · Stablecoin Quality Rating · onchainbenchmark.com2026-09-26 · Measured daily

OCB — 03

OCB Instrument

Rating history

USDS’s quality rating, measured daily.

Source: USDS · Stablecoin Quality Rating · onchainbenchmark.com2026-09-26 · Recomputed daily

OCB — 04

Evidence behind the rating

A sample of the verified facts behind USDS's score. The full diligence trail is in the terminal.

Disclosure Qualitycontract address
Contract address verified on Arbitrum: 0x6491c05A82219b8D1479057361ff1654749b876b (Arbitrum deployment)
Confirmed active onchain.
Verified Jul 31, 2026· instrument_deployments registry — chain_id 42161
Disclosure Qualitycontract address
Contract address verified on Ethereum: 0xdC035D45d973E3EC169d2276DDab16f1e407384F (primary deployment)
Confirmed active onchain.
Verified Jul 31, 2026· instrument_deployments registry — chain_id 1

OCB — 05

Key facts

Issuer: Sky (formerly MakerDAO)
Asset class: Stablecoin
Methodology: v1.5-stablecoin
Last scored: Sep 26, 2026
Rubric: Stablecoin Quality Rating

Chains

ChainShare of measured supply

ETHEthereum

100.0%

0xdC035D…07384FExplorer ↗

ARBArbitrum

n/m

0x6491c0…9b876bExplorer ↗

SOLSolana

n/m

USDSwr9A…1vTwcAExplorer ↗

Cite this rating

Reference USDS's rating

Copy a ready-made citation. Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.

Plain

OnChain Benchmark (2026). USDS Quality Rating: 57/100 (Developing), as of Sep 26, 2026. Methodology v1.5-stablecoin. https://onchainbenchmark.com/instruments/usds

Harvard

OnChain Benchmark (2026) 'USDS Quality Rating', OnChain Benchmark, Developing, 57/100, methodology v1.5-stablecoin. Available at: https://onchainbenchmark.com/instruments/usds (Accessed: Sep 26, 2026).

BibTeX

@misc{ocb_usds_2026,
  author = {{OnChain Benchmark}},
  title = {{USDS Quality Rating}},
  year = {2026},
  note = {57/100, Developing, methodology v1.5-stablecoin},
  url = {https://onchainbenchmark.com/instruments/usds}
}

Or pull the data: USDS rating (CSV)

Full diligence trail

The interactive terminal shows every verified fact behind USDS's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.

View full diligence trail in the terminal →Read the methodology →