Solana's Newest Stablecoin USDS Surpasses $89 Million in Circulating Supply on Launch Day

Sky's newest stablecoin, USDS, has quickly gained popularity among Solana traders in the decentralized finance (DeFi) market. Within a day of its launch, USDS's circulating supply on Solana has already exceeded $89 million, making it the fastest-growing stablecoin on the platform. Sky is spending $2 million a month to incentivize traders to swap into USDS and deploy it, and Save, a borrow and lend protocol, is handing out 400,000 worth of USDS a month to suppliers of the new stablecoin. This growth is expected in the DeFi market, and USDS has surpassed PayPal's PYUSD as the most popular stablecoin on Solana.