I got to Sky’s official forwarded Financial Times piece on the buyback topic, and my first reaction wasn’t “they’re just hyping fundamentals again.” It was that the numbers can be reconciled: by 2026, Smart Burn Engine had already spent about $26 million to buy $SKY ; cumulatively, it used over $124 million in USDS to repurchase nearly 2 billion tokens, with an average price roughly around 0.063. The protocol is really using its earnings to sweep the market, not just talking.
Next, look at revenue. In Q2, gross revenue was about $107 million, breaking $100 million for two straight quarters. Net revenue is around the $40 million range, and annualized gross revenue is running at over $400 million. sUSDS has grown from the low twenties of billions to about $5.5 billion in a year, and the USDS market cap is hovering around the $10 billion mark as well. After Maker rebranded to Sky, the stablecoin spread, reserves, and buyback engine are tied into a single chain: profits → surplus → buybacks. The whole mechanism is legible.
Market cap is roughly around $1.6 billion, and the token price is trading sideways between 0.066 and 0.070. If the broader market keeps grinding, this kind of mid-cap project—“still has cash flow and can automatically accumulate”—is more likely to get its turn. I’m not watching slogans; I’m watching whether the weekly buybacks don’t break down, whether the stablecoin scale doesn’t shrink, and whether earnings distribution isn’t cut too aggressively by governance. Binance’s side DAI → USDS upgrade is also in place; the on-ramp is right there.
My own plan and pacing: buy in batches between 0.063–0.067, with a hard line to hold at 0.058. First watch 0.078–0.085; if that goes well, then look toward 0.095–0.105. Control your position size—don’t go all-in.
$SKY
Next, look at revenue. In Q2, gross revenue was about $107 million, breaking $100 million for two straight quarters. Net revenue is around the $40 million range, and annualized gross revenue is running at over $400 million. sUSDS has grown from the low twenties of billions to about $5.5 billion in a year, and the USDS market cap is hovering around the $10 billion mark as well. After Maker rebranded to Sky, the stablecoin spread, reserves, and buyback engine are tied into a single chain: profits → surplus → buybacks. The whole mechanism is legible.
Market cap is roughly around $1.6 billion, and the token price is trading sideways between 0.066 and 0.070. If the broader market keeps grinding, this kind of mid-cap project—“still has cash flow and can automatically accumulate”—is more likely to get its turn. I’m not watching slogans; I’m watching whether the weekly buybacks don’t break down, whether the stablecoin scale doesn’t shrink, and whether earnings distribution isn’t cut too aggressively by governance. Binance’s side DAI → USDS upgrade is also in place; the on-ramp is right there.
My own plan and pacing: buy in batches between 0.063–0.067, with a hard line to hold at 0.058. First watch 0.078–0.085; if that goes well, then look toward 0.095–0.105. Control your position size—don’t go all-in.
$SKY
