Stablecoins lost $13.4 billion in 30 days. USDT alone shrank $8.3 billion
CoinGecko data shows the three biggest dollar tokens all got smaller since mid-October. Tether's USDT fell every week, and November 11 was its worst day of the month.
Big stablecoins shrank another $1.5 billion since Friday. Sky's USDS lost $921 million
Eleven of the largest dollar tokens lost $1.54 billion in market value in three days, CoinGecko data shows. Ethena's USDe went the other way, up $412 million.
What is Sky Protocol and USDS? The former MakerDAO and its 3.80% savings rate
Sky is the protocol formerly known as MakerDAO. It issues USDS, a dollar stablecoin, and sUSDS, a savings token that earned the Sky Savings Rate of 3.80% shown on Sky.money on November 2, 2026, a rate set by vote and not guaranteed.
Moody's rates DeFi's Sky B3: just $90 million of capital behind $10 billion of assets
The former MakerDAO, issuer of the USDS and DAI stablecoins, got a speculative-grade B3 rating from Moody's with a stable outlook. Its track record and low losses won praise. Its thin capital did not.