KoinlyticsThe Sky Savings Rate, the direct descendant of MakerDAO's DSR, sits at 3.75 percent APY for Q2 2026 by governance vote. Depositors mint sUSDS against USDS and the token auto-compounds. Yield sources are real-world asset collateral generating US Treasury bill returns, the Spark borrow rate paid by users borrowing USDS against collateral, and stability fees from USDS minted through the original CDP system.
Why the SSR is the DeFi risk-free rate
Every yield calculation in DeFi is implicitly relative to something. That something is usually the SSR, because Sky is the closest DeFi has to a central bank posting a policy rate: a mostly liquid, mostly redeemable stablecoin backed by durable collateral, with a governance-set yield you can actually earn on your deposit. If the SSR is 3.75 and a lending vault is offering 6, the extra 225 basis points is your compensation for risk. If a vault is offering 3.25, you are being paid worse than the risk-free floor to take smart-contract risk.
What is currently underpricing SSR
Most passive stablecoin holders on Coinbase and centralized brokers still park at zero or 1 percent yield because they never map the DeFi rate stack. Sky's move to auto-compounding sUSDS closed one of the last usability gaps: no rate reset, no monthly claim, deposit once and hold. If a US buyer of USDC finally maps the trade-off, the SSR is the honest benchmark they should compare their broker rate against.
The portfolio angle
If you supply stablecoins on Aave, Kamino, or Morpho, benchmark supply APY against SSR and note that anything below is a bad trade unless there is a specific reason. If you hold idle stables, sUSDS is the closest thing to a policy rate that you can actually hold. If you run leverage against USDS collateral, the Spark borrow rate is what funds part of the SSR you would earn if you were on the other side.
What Koinlytics tracks: every stablecoin position across your wallets, the effective supply APY on all major money markets, and net yield after gas so the gap between SSR and where your dollars sit is visible instead of buried.