Sky has announced the launch of its own stablecoin

21.11.2024

Sky, a DeFi lending protocol, has launched its USDS stablecoin on the Solana blockchain.In an official announcement, Sky noted that the launch positions USDS as the first major DeFi native stablecoin on Solana, opening up new opportunities for borrowing, lending, and trading on the blockchain's leading DeFi platforms.Representatives of the company emphasized that the launch is the first step in Sky's strategy aimed at increasing the liquidity of the Solana DeFi platform and the total value of blockchain assets (TVL). In the future, SkyLink, a solution for expanding cross-chain support for USDS and sUSDS, will be introduced, subject to management approval. This is in line with Sky's vision, which is aligned with Solana's developed ecosystem of consumer applications, interoperability, and high performance technologies.USDS is integrated into the Solana blockchain using Wormhole's Native Token Transfer (NTT) technology. This technology ensures the multi-chain nature of the stablecoin from the very beginning and is available on both Solana and Ethereum without the need to use wrapped tokens. It also makes it easier to connect the SKY token to the Solana network.As part of the launch, Sky is introducing rewards for early adopters, including traders and liquidity providers, who work with USDS on the four key Solana DeFi platforms.As of now, USDS is the third largest stablecoin by market capitalization, which is $5.24 billion.