Sky's Savings Vault Sheds $571 Million in a Day at a 3.80% Rate
USDS supply also fell $805 million on the week to $5.59 billion, DefiLlama shows. Sky's savings rate never moved, and no one has said who withdrew.
Holders pulled about 571 million USDS out of Sky's savings vault in the 24 hours to 7 p.m. ET Friday, cutting deposits about 13% to 3.95 billion, Aavescan's daily reads of the vault contract show. The rate paid on those deposits stayed at 3.80%.
The drop shows up in the wider numbers too. Sky's total value locked fell to about $4.43 billion early Sunday from $5.23 billion a week earlier, and USDS circulating supply slid to $5.59 billion from $6.40 billion, DefiLlama data show. A direct read of the vault contract by Black Mint at about midnight ET Sunday returned 3.98 billion USDS.
How the savings vault works
USDS is Sky's dollar stablecoin, the successor to DAI. Holders who deposit USDS get sUSDS, a token that grows in value at the Sky Savings Rate. The rate is set by Sky governance and paid from the protocol's surplus, TokenPost reported, after governance raised it to 3.80% in October. On-chain data from Chartegy show it unchanged since at least Oct. 26.
Withdrawing swaps sUSDS back into USDS (the coins come out of the vault, they don't disappear). That alone doesn't shrink supply. Supply falls only when USDS is redeemed or burned, which is why the two figures moved by different amounts.
Who moved the money is not known
Neither data source identifies the wallets behind Friday's withdrawal. Sky's main X accounts had not posted about it through Saturday. On Nov. 6, the Sky Ecosystem account posted about a $100 million sUSDS allocation from Galaxy.
Vault deposits had held between about $4.48 billion and $4.58 billion from Oct. 29 through Nov. 5, Aavescan's snapshots show. The Defiant also reported the weekly decline.
In our opinion: when an eighth of a savings vault walks out and the rate doesn't twitch, the rate probably wasn't the reason. The useful number now is concentration: if a handful of wallets made Friday's exit, the vault's transaction log will show it before any statement does. Watch whether USDS supply keeps sliding from $5.59 billion this week, because that figure counts dollars leaving the Sky system altogether.
Sources: Aavescan: Sky sUSDS yield and total deposits (daily vault snapshots) · DefiLlama: Sky protocol TVL · DefiLlama: USDS stablecoin supply · sUSDS vault contract on Etherscan (totalAssets read) · TokenPost: Sky Governance Raises sUSDS Savings Rate to 3.80% in October · Chartegy: Sky Savings Rate (on-chain) · Sky Ecosystem on X (Nov. 6, 2026) · The Defiant: Sky TVL Falls 15% in a Week as USDS Supply Contracts · TokenPost (Korean): Sky TVL down 15.96% in a week
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