SpiceUSD
Stablecoin Profile
SpiceUSD (USDS) is an algorithmic stablecoin — its USD peg is maintained by on-chain protocol mechanics rather than off-chain reserves. $18M is currently in circulation across 4 blockchain networks. The mechanism adjusts supply (mint and burn) in response to market price deviations from the target peg.
About SpiceUSD (USDS)
Spice USD (Ticker USDS) is a stablecoin soft-pegged to USD in the Spice Protocol on Avalanche.
Using the Spice Trade app, USDS can be minted by locking USDC and burning SPICE in a proportion determined by the protocol's collateral ratio.
Issuer & attestation
SpiceUSD (USDS) is issued by Sky Protocol (formerly MakerDAO), operating under Decentralised protocol. Originally launched in 2024 (Endgame rebrand).
Reserve composition
Successor token to DAI under the Sky Endgame plan. Backed by the same multi-asset Maker Vaults plus tokenised US Treasuries.
Notable peg events
Launched September 2024 alongside the SKY governance token. DAI continues to trade in parallel and is freely convertible 1:1 with USDS.
Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.
Recent supply activity
SpiceUSD (USDS) supply was unchanged in the last 24 hours, was unchanged over the past week, and was unchanged over the past 30 days.
Steady issuance: supply has held roughly flat (0.00% over 30 days), consistent with mature stablecoin liquidity dynamics.
Supply History
Network distribution
SpiceUSD circulates across 4 blockchain networks. Avalanche hosts the largest share at 78.80%, followed by BSC at 12.38%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Avalanche | $14.2M | 78.80% | 0.00% | 0.00% |
| BSC | $2.2M | 12.38% | 0.00% | 0.00% |
| Polygon | $981.1K | 5.44% | 0.00% | 0.00% |
| Ethereum | $611.4K | 3.39% | 0.00% | 0.00% |
Peg stability history
SpiceUSD (USDS) relies on protocol-level supply rebalancing rather than direct asset redemption to defend its 1.00 USD peg. The spot price is currently $0.9999 (-0.010% deviation). Algorithmic designs carry materially higher peg-failure risk than reserve-backed stablecoins — the May 2022 Terra/UST collapse remains the canonical reference case.
How algorithmic stablecoins defend their peg
Algorithmic stablecoins attempt to balance supply and demand through protocol-level mint/burn incentives — typically against a paired governance or seigniorage token. When the price drops below $1.00, the protocol burns supply (often by letting holders swap into a discounted asset); when it rises above $1.00, the protocol mints new tokens. This design only holds when the paired asset retains independent demand. If the market loses faith in the paired asset, the feedback loop reverses and produces a hyperinflationary "death spiral" — the failure mode that wiped out roughly $60B in the Terra/UST collapse.
Practical implications for holders
- Peg-failure tail risk is materially higher than reserve-backed designs. Position sizing should reflect this — algorithmic stablecoins are not a "cash equivalent" for risk-management purposes.
- Read the latest collateralisation ratio carefully: many "algorithmic" stablecoins have since migrated to partial or full collateralisation. The label can lag the actual mechanism.
- Reflexive feedback loops mean small redemption pressure can cascade. Exit liquidity should be assessed during normal conditions, not after stress begins.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (algorithmic) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
SpiceUSD (USDS) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0xab05b04743e0aeaf9d2ca81e5d3b8385e4bf961e | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare SpiceUSD to other algorithmic stablecoins
Below are the largest algorithmic stablecoins tracked on Mantapex alongside SpiceUSD (USDS). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Frax (FRAX) | $212M | algorithmic | 22 |
| Bean (BEAN) | $33.4M | algorithmic | 1 |
| Neutrino USD (USDN) | $31.1M | algorithmic | 4 |
| Mento Dollar (USDm) | $16M | algorithmic | 5 |
| Alchemix USD (ALUSD) | $13.7M | algorithmic | 4 |
Across mechanism classes
If you're researching USDS as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
SpiceUSD (USDS) is tracked across major crypto data providers. The links below open SpiceUSD (USDS)'s pages on CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent SpiceUSD news
Latest reporting from major crypto news outlets covering SpiceUSD.
- Aped
USDS and sUSDS Launch Natively on Avalanche
Sky launched USDS and sUSDS natively on Avalanche via its new LayerZero-based Skylink bridge, using burn-and-mint transfers with a $5M daily cap.
- Dailycoin
Sky USDS Overtakes Ethena USDe in Stablecoin Ranking
Shift signals growing preference for stable, collateral-backed models over yield-driven synthetic stablecoins
- Crypto Economy
Sky Expands to Avalanche With Native Launch of USDS and sUSDS
The Sky protocol announced the native deployment of its USDS stablecoin and its yield-bearing version, sUSDS, on the Avalanche network. The integration, which took place this past…
- Coincu
Binance Completes DAI to USDS Token Swap: What Changed and Why It Matters
Binance has completed its Dai (DAI) token swap, automatically converting all user DAI balances to USDS at a 1:1 ratio as the exchange fully transitions to Sky Protocol's rebranded…
- Crypto Economy
DAI Transition Underway as Coinbase Sets Schedule for USDS Migration
Coinbase supports the migration of the DAI stablecoin to the new USDS token, establishing an automatic conversion window that will run between May 4 and May 6, 2026. The exchange…
- AMBCrypto
DAI migration to USDS begins as Coinbase outlines conversion timeline
Coinbase has outlined its plan to convert DAI to USDS, while data shows the new stablecoin is already gaining traction across the market.
- Bitcoin
Top 5 Stablecoins Control 89% of $316B Market as Sector Edges Higher in March 2026
The stablecoin economy keeps pressing higher, with its total valuation topping $316 billion as of March 21 after adding $124.9 million over the past week. Of that $316 billion,…
- Coincu
USDS steadies as Sky Protocol vets 70M for Sky Agent Network
No verified governance approval is documented for a “70 million USDS” allocation to the Sky Agent Network. Formal approvals in this ecosystem require a posted proposal, a recorded…
Related stablecoins
Stablecoins comparable to SpiceUSD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other algorithmic stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.