Sky Surpasses $110M Stablecoin Gain in One Day
Sky, the rebranded descendant of MakerDAO, has made significant strides in the stablecoin market, outpacing every other issuer by adding $110.3 million to its market cap in a single 24-hour period.
This milestone underscores Sky's remarkable growth since its transformation from MakerDAO under the Endgame roadmap between 2022 and 2024.
Sky has quietly built itself into the third-largest stablecoin issuer by market capitalization, with only Tether and Circle sitting above it. Its total stablecoin market cap ranges from $9.5 billion to $13.4 billion, while its flagship stablecoin USDS has driven the surge in supply growth.
The protocol's broader ecosystem also shows signs of accumulation, with tokenized assets reaching approximately $14.1 billion and the SKY governance token carrying a market cap of around $1.5 billion.