What backs USDS and DAI, by category, product and market
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Assets backing USDS and DAI, latest day with supply data
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Backing as a share of USDS and DAI outstanding, latest day
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Total backing as a share of USDS and DAI outstanding
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Sky's Operating Cash Balance next to backing less USDS and DAI outstanding, a balance-sheet cross-check
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USDS, DAI and DAI in the DSR, at par
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Daily change in backing from draws, repayments, PSM swaps and vault borrowing
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Collateral locked (market value) and reserves held; excludes Prime allocations and RWA credit lines.
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Collateral value as a multiple of debt in vaults, LP vaults and Lockstake
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Every line, reserve and market backing USDS and DAI: balance, change, share and history
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Every USDS and DAI in circulation was created against something Sky holds or is owed. The largest pieces are credit lines to Sky's Primes, which borrow USDS and deploy it under their own risk frameworks, and the PSM, which holds USDC 1:1 and carries DAI pre-minted into the Lite-PSM. Smaller pieces are vault and Lockstake loans backed by crypto collateral worth several times the debt, and the remaining RWA credit vaults. D3M modules, which minted DAI straight into lending markets, were wound down in 2025, and RWA reserves such as T-bill funds have been redeemed.
The backing ratio compares these assets with USDS and DAI supply, with everything carried at par. The difference tracks Sky's Operating Cash Balance: income retained in the Vow adds to it, while savings yield, expenses and buybacks draw it down. When the Operating Cash Balance is negative, liabilities slightly exceed these assets. Sky Capital in the Prime Agents' SubProxies is not counted as backing; it is shown with the Operating Cash Balance as Sky Reserves on the Financials tab. Ethereum only.
