In the latest announcement, Sky Ecosystem (Formerly known as MakerDAO) unveiled that the total supply of its newly launched stablecoin USDS has surpassed the 1.5 billion mark.
A few months ago, MakerDAO rebranded itself as Sky Ecosystem, to offer a simpler user experience. The rebrand was accompanied by the launch of a new website and app that will provide a front-end interface for Sky.
USDS supply surpasses 1.5 billion. pic.twitter.com/aSLNfEzeWw
— Sky (@SkyEcosystem) January 3, 2025
Sky has also made a crucial move to strengthen its presence in the Solana ecosystem by introducing its USDS stablecoin on its blockchain. The launch was accompanied by a substantial $500,000 reward pool to incentivize early adopters and liquidity providers.
According to DefiLIama, the global stablecoin market is valued at around $205 billion. As the new year rolls around, the stablecoin market is making a move toward mainstream adoption. Unlike volatile cryptocurrencies such as Bitcoin, stablecoins maintain a fixed value by being pegged to traditional currencies like the US dollar.
Prominent financial service providers including Visa, PayPal, and Stripe are largely investing in stablecoin projects to enhance global payments. Visa recently launched a platform for banks to issue stablecoins, while PayPal has already introduced its own dollar-pegged token, PYUSD.
Despite the growing adoption of stablecoins, regulatory challenges remain. In the European Union, the new MiCA rules mandate stablecoin issuers to hold e-money licenses. While Circle, the issuer of USDC, has secured this license, market leader Tether risks delisting from European exchanges if it fails to comply.
As competition in the stablecoin sector intensifies, experts believe that it will attract innovation and create new revenue streams for companies. Stablecoin “issuance is an attractive business model today,” said Augustus Ilag, investment partner and head of Asia at CMT Digital.
Also Read: Ripple CTO Warns Against Early FOMO as RLUSD Stablecoin Nears Launch