Stablecoins held by Sky's Peg Stability Modules, by module and asset
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USDC held by the PSMs, latest day
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PSM debt (USDC reserves plus pre-minted DAI) as a share of everything backing USDS and DAI, latest day
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Reserves held against each module's debt ceiling, with the unused headroom
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PSM debt (USDC reserves plus pre-minted DAI) as a share of total backing
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Stablecoins swapped in less swapped out, by module and asset
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Swaps in and out as bars with net flow as a line, for all modules or one at a time
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Reserve yield and swap fees Sky earned from the PSMs
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The Peg Stability Module lets anyone swap USDC for DAI or USDS one for one, and back. Sky keeps the USDC as reserves, so every stablecoin minted this way is backed by a dollar of reserves, and arbitrage through the module holds DAI and USDS at their peg.
The Lite-PSM, live since 2024, also holds DAI pre-minted into the module so swaps are cheap; the PSM's debt to Sky is the USDC reserves plus that pre-minted DAI, and it has booked no swap fees. The original modules for USDC, Pax Dollar (USDP) and Gemini Dollar (GUSD) charged small fees and are wound down.
Sky earns on the reserves rather than the swaps: the yield on them arrives in periodic payments to the Operating Cash Balance. Each module has a debt ceiling that caps how much it can mint. Ethereum only.
Each module's debt to Sky, ceiling, flows and income
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