News, data and analysis on tokenized assets, market design and digital economic systems.
MakerDAO under a new name since August 2024, and a balance sheet that pays a policy rate rather than a payment token: it reported $14.01bn of collateral behind USDS in July 2026, and its governance put $1bn through Grove into a tokenized AAA CLO strategy.
Onchain credit system that rebranded from MakerDAO in August 2024 and launched the USDS stablecoin and SKY governance token on 18 September 2024, with DAI convertible one-for-one into USDS and MKR into SKY at 28,000 to one; both legacy tokens remain outstanding because conversion is voluntary. Its front page reported $14.01bn of collateral behind USDS and a governance-set Sky Savings Rate of 3.52% on sUSDS in July 2026, so the protocol functions as a balance sheet that pays a policy rate rather than as a payment token. Capital deployment is delegated to semi-independent agents (Spark for lending, Grove for credit), and in June 2025 Sky governance approved a $1bn allocation through Grove into the tokenized Janus Henderson Anemoy AAA CLO strategy issued on Centrifuge, one of the largest single purchases of tokenized credit recorded.
No development naming Sky has yet been filed against a primary source. The register entry stands so the institution, its jurisdiction and its products are on the record.
Holders of the MKR token voted to activate single-collateral Dai, bringing into operation a dollar-denominated token created against ether locked in collateralised debt positions rather than against bank deposits. A year after launch the system reported close to 80 million Dai in circulation and more than 5,000 collateralised debt positions opened, having held its peg through a roughly 90% fall in the price of ether.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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