In its latest announcement, Sky Ecosystem (formerly known as MakerDAO) revealed that the total supply of its newly launched stablecoin USDS has crossed the 1.5 billion mark.
A few months ago, MakerDAO rebranded itself as Sky Ecosystem, to provide 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 exceeds 1.5 billion. pic.twitter.com/aSLNfEzeWw
— Sky (@SkyEcosystem) January 3, 2025
Sky has also taken a crucial step to strengthen its presence in the Solana ecosystem by introducing its USDS stablecoin on its blockchain. The launch was accompanied by a significant reward pool of $500,000 to incentivize early adopters and liquidity providers.
Stablecoin market to gain mainstream adoption by 2025: opportunity for USDS?
According to DefiLIama, the global stablecoin market is valued at approximately $205 billion. As the new year dawns, the stablecoin market is taking a step towards mainstream adoption. Unlike volatile cryptocurrencies such as Bitcoin, stablecoins maintain a fixed value because they are pegged to traditional currencies such as the US dollar.
Prominent financial services companies, including Visa, PayPal and Stripe, are largely investing in stablecoin projects to improve 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, new MiCA rules require stablecoin issuers to hold e-money licenses. While Circle, the issuer of USDC, has secured this license, market leader Tether risks delisting from European stock exchanges if the company fails to comply.
As competition increases in the stablecoin sector, experts believe 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 of Early FOMO as RLUSD Stablecoin Nears Launch
