Sky's USDS Stablecoin Expands to Solana

Sky, previously known as Maker, has announced the deployment of its USDS stablecoin on the Solana blockchain, marking a significant shift from its Ethereum exclusivity since 2014. This move is part of a broader trend among stablecoin issuers, including PayPal's PYUSD, to leverage Solana's high processing speed and low transaction costs.

To foster adoption, Sky has entered liquidity incentive agreements with Solana-based DeFi platforms such as Jupiter, Orca, Kamino, and Drift, distributing over 300,000 USDS weekly. This expansion reflects the growing stablecoin market, with global transaction volumes exceeding $22 trillion.