Question 1

What is USDS's quality score?

Accepted Answer

USDS (Sky (formerly MakerDAO)) scores 59.7/100 on OnChain Benchmark's Stablecoin Quality Rating — Developing, as of Nov 10, 2026 (methodology v1.5).

Question 2

How is USDS's quality score calculated?

Accepted Answer

OnChain Benchmark scores USDS across four equally weighted dimensions, each out of 25: reserve quality (18/25), redemption depth (25/25), transparency (7.7/25), holder concentration (9/25). The four add directly to the 59.7/100 composite. The full rubric is published at onchainbenchmark.com/methodology.

Question 3

How concentrated is USDS's ownership?

Accepted Answer

OnChain Benchmark scores USDS's holder concentration 9/25 — one of the four dimensions of its quality rating, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets). A higher score means ownership is more broadly distributed; a lower score means it is held by fewer wallets.

Question 4

What does Developing mean?

Accepted Answer

Under OnChain Benchmark methodology v1.5, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). USDS scores 59.7/100, placing it in Developing.

Dimension	Score	Why it scored this
Transparency	7.7 / 25
Holder Concentration USDS scores 9 of 25 on Holder Concentration.	9 / 25	USDS scores 9 of 25 on Holder Concentration.
Reserve Quality	18 / 25
Redemption Depth Full marks.	25 / 25	Full marks.

Chain	Contract	Share of measured supply
Ethereum	0xdC035D…07384FExplorer ↗	99.9%
Solana	USDSwr9A…1vTwcAExplorer ↗	<0.1%
Arbitrum	0x6491c0…9b876bExplorer ↗	<0.1%

USDS Quality Rating

The biggest gap in USDS's score is transparency.

Rating history

Each move and the dimension behind it

Issuer, rubric and methodology

Share of measured supply by chain

Reference USDS’s rating