Real-World Assets · Review
ActiveSky RWA Review 2026: Real-World Collateral Behind USDS
Sky RWA tracks the real-world-asset collateral that backs part of the Sky (formerly Maker) protocol on Ethereum. It is a collateral type, not a standalone app, and its risks come from off-chain counterparties as much as from code.
By the DappsAtlas editorial team · Updated
DappsAtlas score
7.1/10
Good
Our verdict on Sky RWA
7.1/10Sky RWA suits readers who want to understand how real-world assets support a large on-chain stablecoin system, and users of USDS or sUSDS who want to know what sits behind their yield. Its main strength is a long-running protocol with governance-ratified RWA deals and clear rate disclosures. The main caveat is off-chain risk: legal entities and counterparties sit outside smart-contract guarantees, and DefiLlama lists no audits for this entry. Treat it as a collateral class to research, not a product to deposit into directly.
Score breakdown
How Sky RWA scores
- Security
- 7.0/10
- Ease of use
- 7.0/10
- Fees
- 7.0/10
- Features
- 7.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Sky RWA?
Sky RWA is DefiLlama's entry for real-world assets used as a collateral type in the Maker Protocol, which now operates under the Sky name. Per the listing, these assets require legal entities to represent the protocol in deals with real-world counterparties, and governance ratifies those deals. DefiLlama shows it on Ethereum with about $65.3 million in TVL, listed since October 2023.
It is not an app you open. Users reach the wider system through Sky.money, a non-custodial interface operated by Skybase International, an independent Sky Agent. That site offers sUSDS savings, curated Morpho Vaults, stUSDS, a fixed-yield option via Pendle, ecosystem rewards, and SKY staking.
The homepage figures give context: USDS supply of 9.58 billion, $15.89 billion in collateral, and 4.50 billion sUSDS supply. The RWA slice is a small share of that. This review therefore covers the collateral class and the way users get exposure to the system around it.
How Sky RWA works
The Maker Protocol, now branded Sky, issues a dollar stablecoin against collateral. Most collateral is crypto assets locked in smart contracts. Real-world assets are a different collateral type: because they exist off-chain, legal entities represent the protocol when dealing with real-world counterparties, and governance must ratify each deal.
The returns from this collateral help fund the protocol surplus. The Sky Savings Rate paid to sUSDS holders comes from aggregate surplus, and the homepage states sUSDS is not exposure to any one Agent, borrower, collateral pool or asset strategy. So a user holding sUSDS is not directly holding RWAs.
For a newcomer, the key point is the trust model. Smart contracts handle the on-chain side, but the RWA side relies on legal agreements, custodians and governance judgement. That is why this class has different risks from a purely on-chain loan.
6 features
Key features
01
RWA collateral type
Real-world assets are one of the collateral types in the protocol, with legal entities acting for the protocol in deals that governance ratifies.
02
Backing for USDS
RWA collateral sits behind USDS, which has a stated supply of 9.58 billion across USDS and DAI and $15.89 billion in collateral per the homepage.
03
sUSDS savings rate
The Sky Savings Rate is funded from aggregate protocol surplus and shows 3.80% APY on the homepage. It is variable and not tied to one asset pool.
04
Curated Morpho vaults
Vaults run on Morpho contracts and are curated by Sky.money, which sets exposure limits. The homepage shows up to 4.98% APY.
05
Fixed yield option
A Pendle-based integration lets users lock a rate if they hold to maturity. The homepage shows 5.99% APY with a November maturity.
06
SKY staking and borrowing
Users can stake SKY for governance-set rewards, shown at 5.45% APY, and borrow USDS against staked SKY.
Pros and cons
What we like
- Long-running protocol: the homepage says it has worked on stablecoin infrastructure since 2017.
- Non-custodial access: Sky.money is described as a non-custodial interface.
- Clear disclosure that sUSDS is not exposure to any one collateral pool, and that rates are variable.
- Stated 1:1 USDC to USDS conversion with no fees or slippage.
- Collateral composition for USDS is said to be viewable onchain.
- Governance ratifies RWA deals, giving a public decision process.
Watch out for
- No audits are listed for this entry on DefiLlama, so readers must check Sky's own security documentation.
- RWA exposure depends on legal entities and off-chain counterparties, which adds trust and legal risk that smart contracts cannot remove.
- You cannot deposit into the RWA collateral class directly; users only reach it indirectly through USDS, sUSDS and related products.
- All yields shown on the Sky.money interface are variable and can change, and the interface does not guarantee any rate.
- Sky.money is run by Skybase International, an independent Sky Agent, so interface and protocol responsibilities are split.
- TVL of about $65 million is a small slice of the wider Sky system, so this entry gives a limited view of overall protocol risk.
Sky RWA fees
The Sky.money homepage says USDC to USDS conversion is 1:1 with no fees and no slippage, and describes sUSDS access as having zero fees. Network gas fees on Ethereum still apply and are not published by the site.
There is no fee schedule for the RWA collateral class itself, because ordinary users do not transact with it directly. Rates such as 3.80% for sUSDS or 6.58% for stUSDS are yields, not fees, and the site states they are variable and not guaranteed.
Is Sky RWA safe?
DefiLlama lists no audits for this entry, so audit status is not established from public sources. The wider protocol has operated since 2017 according to its own site, which is a track record but not a guarantee. No hacks or incidents are mentioned publicly.
RWA collateral brings off-chain risk: legal structures, custodians and counterparties can fail in ways code cannot prevent. Sky.money is non-custodial, and the site says it does not hold vault assets, but you still carry smart-contract and stablecoin risk. Yields are variable and not guaranteed. Check that these services are lawful where you live. Nothing here is financial advice.
6 steps
How to get started with Sky RWA
- 1
Read what RWA collateral is and how it differs from crypto-native collateral, using the protocol's public governance documentation.
- 2
Decide whether you want exposure through USDS, sUSDS, Vaults, stUSDS or SKY staking, since the RWA class is not a separate product.
- 3
Check that your jurisdiction allows use of these services and that you are comfortable with the interface operator's terms.
- 4
Connect a self-custody Ethereum wallet to the Sky.money app and review the live rates and risk notes for the product you pick.
- 5
Start with a small amount, because all rates are variable, and budget for Ethereum gas.
- 6
Review the published collateral composition for USDS before adding larger amounts.
Who Sky RWA is for
This page is for DeFi users and researchers who hold or plan to hold USDS, sUSDS or SKY and want to understand the real-world-asset collateral behind the system. It is less relevant to anyone looking for a simple standalone app, since RWA is a collateral category rather than a product with its own deposit flow.
Sky RWA FAQs
What is Sky RWA?
Sky RWA is DefiLlama's listing for real-world assets used as a collateral type in the Maker Protocol, now part of the Sky ecosystem. Legal entities represent the protocol in deals with real-world counterparties, and those deals are ratified by governance.
Can I deposit into Sky RWA directly?
Not directly. It is a collateral class inside the protocol. Everyday users interact through Sky.money products such as USDS, sUSDS, Vaults and SKY staking, none of which is exposure to a single collateral pool.
Which chain does Sky RWA run on and how big is it?
DefiLlama lists Ethereum only. It shows about $65.3 million TVL, down 0.9% over seven days at the time of the data.
What are the main risks?
Real-world assets add off-chain risk: counterparty default, legal structure failure and reliance on governance decisions. Smart-contract risk also applies. DefiLlama lists no audits for this entry, so check Sky's published security reports.
What yield does sUSDS pay?
The Sky.money homepage shows a variable Sky Savings Rate of 3.80% APY for sUSDS, and notes that sUSDS is not exposure to any specific collateral pool. Rates are set by the protocol and can change, so check the live figure.
What is the SKY token used for?
SKY is the governance token. Holders can stake it for rewards set by governance and can borrow USDS against staked SKY, according to the Sky.money homepage.
Compare
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How we checked
Sources
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