Sky Launches Fixed-Rate Yield Product Built on Pendle, Targeting $6B sUSDS Pool - "The Defiant"

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Sky (formerly MakerDAO), the protocol behind the $11 billion USDS stablecoin, launched a fixed-yield product Wednesday that lets depositors lock in a set return to a named maturity date using Pendle's yield-tokenization infrastructure. The product, called Fixed Yield, is now live at sky.money/fixed-yield, Sky said on X.

The launch targets users of sUSDS, Sky's savings-rate token, which holds $6.16 billion in market capitalization, by offering a term-based alternative to the variable Sky Savings Rate (SSR). At the time of writing, th fixed-yield market shows a 5.38% APY with a Nov. 26 maturity date, per the sky.money product page. The SSR's own variable rate sits at 3.60% APY for the same sUSDS pool on DefiLlama.

The product is built on Pendle Protocol v2, which splits yield-bearing tokens into Principal Tokens and Yield Tokens. When a user supplies USDS, USDC, or sUSDS into a Fixed Yield market, the protocol issues PT-sUSDS — a Pendle principal token that matures on a date chosen by Sky. Holding to maturity locks the entry rate. Exiting early means selling the PT position at prevailing market prices, which may be above or below the entry price.