SkyEcosystem's sUSDS Surpasses Ethena's sUSDe, Claims Top Spot in Yield-Bearing Stablecoin Market with Estimated $3.18 Billion Valuation

SkyEcosystem's sUSDS has officially overtaken Ethena_Eco's sUSDe in market capitalization, establishing itself as the largest yield-bearing stablecoin in the decentralized finance (DeFi) sector. The significant shift was highlighted in a recent announcement by Token Terminal 📊 on December 4, 2025. "ICYMI: @SkyEcosystem's sUSDS overtakes @Ethena_Eco's sUSDe in market cap & becomes the largest yield-bearing stablecoin," Token Terminal stated in its social media post.

The sUSDS token, representing USDS deposited into Sky's Savings Rate (SSR) module, now boasts a market capitalization estimated at approximately $3.18 billion. SkyEcosystem, which evolved from the pioneering MakerDAO protocol in August 2024, offers users rewards for non-custodial savings through its USDS stablecoin and the associated sUSDS, which replaced the sDAI token. The protocol's strategic expansion, including multichain deployments on networks like Solana, Cosmos, and Base, has been a key driver of its recent growth and adoption.

Ethena's sUSDe, a staked version of its synthetic dollar USDe, previously held a dominant position in the yield-bearing stablecoin landscape. Known for its rapid ascent, sUSDe generates yield primarily from staked Ethereum (ETH) and funding payments derived from delta-hedging derivatives positions, often referred to as the "Internet Bond." Ethena's USDe has expanded its presence across more than 24 blockchains, integrating with major DeFi protocols like Aave and Curve.

The change in leadership underscores the dynamic and intensely competitive nature of the yield-bearing stablecoin market, which analysts project could exceed $100 billion in total value locked by the end of 2025. SkyEcosystem's focus on a sustainable, organic yield model through its Sky Savings Rate, coupled with its robust decentralized governance structure and multichain interoperability, appears to have resonated with a growing user base. This development signals a notable evolution in how DeFi participants seek stable and rewarding returns on their digital assets amidst increasing regulatory scrutiny in the sector.