What is Sky Dollar Stablecoin (USDS)?
USDS is the new stablecoin launched under Sky Protocol, replacing MakerDAO’s original DAI. Like DAI, it is designed to maintain a soft peg to the U.S. dollar, meaning 1 USDS aims to be worth about $1. It’s created when users lock up crypto collateral in the protocol, ensuring that the stablecoin is fully backed and decentralized rather than relying on a central issuer. USDS is intended to be more scalable and accessible than DAI, forming the core of Sky Protocol’s ecosystem while supporting features like savings rates and broader integration across DeFi. Learn more
How to Deposit USDS Into Your Coinmetro Account
For all information on how to deposit USDS into your Coinmetro account, please see the following help center article:
As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts or using a full ETH wallet as an intermediary.
How to Withdraw USDS From Your Coinmetro Account
For all information on how to withdraw USDS from your Coinmetro account, please see the following help center article:
Important Note: to request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be confirmed via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.