> For the complete documentation index, see [llms.txt](https://docs.osero.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.osero.org/osero-product/overview/sky-savings-rate.md).

# Sky Savings Rate

The Sky Savings Rate (SSR) is the foundation of Osero Earn. It powers sUSDS and provides one of the largest and most established sources of stablecoin yield in DeFi.

## What is the Sky Savings Rate?

The Sky Savings Rate is the yield earned by **sUSDS**, powered by income generated across Sky Protocol’s diversified balance sheet.

The rate is set through Sky governance and accrues automatically to sUSDS over time. There are no rewards to claim or strategies to manage: the yield is reflected directly in the value of sUSDS.

Key protocol statistics:

| Metric                  | Value    |
| ----------------------- | -------- |
| Total sUSDS Supply      | $4.9B    |
| Total Stablecoin Supply | $9.75B   |
| Total Collateral        | $15.53   |
| Total Instant Liquidity | $4.07B   |
| Total Risk Capital      | $181.45M |

*Data as of: 21/08/2026*

## What Backs It?

The Sky Savings Rate is supported by income generated across five main asset categories:

| Asset class                   | Allocation | Example counterparties           |
| ----------------------------- | ---------- | -------------------------------- |
| USDC Stablecoins              | 49.33%     | Coinbase Prime                   |
| Onchain Crypto-Backed Lending | 18.24%     | Morpho, SparkLend, Aave/Horizon  |
| Short Duration Treasury Bills | 15.85%     | BlackRock, Janus Henderson       |
| OTC Crypto-Backed Lending     | 10.18%     | Maple, Galaxy, Anchorage Digital |
| AAA Corporate Debt            | 4.98%      | BNY Mellon, Janus Henderson      |
| Other                         | 1.42%      | Apollo                           |

*Data as of: 21/08/2026*

This mix reduces reliance on any single yield source and spreads exposure across both traditional and onchain assets.

## USDS and sUSDS

**USDS** is the stablecoin issued by Sky Protocol and one of the largest stablecoins by outstanding supply.

**sUSDS** is its yield-bearing savings token.

When a stablecoin is deposited through Osero Earn, it is converted to USDS and then to sUSDS, at which point it begins earning the Sky Savings Rate automatically.

## Sky Protocol's Risk Framework

Sky Protocol uses a risk management framework inspired by **Basel III**, with multiple layers of capital designed to absorb potential losses.

Capital is allocated across the Sky Ecosystem by specialized actors called **Agents**. For the positions they manage, Agents are required to provide **Junior Risk Capital**, with the amount determined by the risk of the underlying assets. Sky provides **Senior Risk Capital** as an additional layer of protection.

If a position suffers a loss, the Agent’s Junior Risk Capital is designed to absorb it first, followed by Sky’s Senior Risk Capital, before losses reach depositors.

For more details on the protection structure, see [Risk Capital](broken://pages/2wx7mYCZf3f4AjrOzs4c).


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