Sky, the decentralized finance protocol behind the $11 billion USDS stablecoin, has introduced a new fixed-yield product. The offering, called Fixed Yield, lets depositors lock in a set return until a named maturity date. It was built using Pendle's yield-tokenization infrastructure.
How Fixed Yield works
The product draws from a $6 billion pool of sUSDS, Sky's staked stablecoin. Instead of floating rates, users can now secure a predetermined yield on their deposits for a fixed term. Pendle's technology splits the yield into principal and yield tokens, enabling this rate lock.
Why Sky turned to Pendle
Pendle specializes in tokenizing future yield. By integrating that infrastructure, Sky can offer depositors predictability in a market where returns often fluctuate. The protocol itself doesn't need to build the mechanics from scratch — Pendle's existing system handles the math.
What this means for sUSDS depositors
For now, the Fixed Yield product is aimed at the sizable sUSDS pool. Depositors who want certainty around future income can choose a maturity date and walk away knowing exactly what they'll get. Those who prefer variable yields can stick with the standard sUSDS product.
The launch doesn't change the mechanics of USDS or sUSDS itself. It's an additional option on top of the existing staking product.
Sky hasn't disclosed the first maturity date or the initial fixed rate. That information is expected to surface as the product goes live and the first deposits flow in.
