sUSDe or sUSDS — where does each yield come from, and which one is riskier?
sUSDe (Ethena Labs) yields ~4.6% (variable), no minimum, can be bought on a DEX without KYC. sUSDS (Sky (MakerDAO)) yields ~3.52%, no minimum, can be bought on a DEX without KYC.
Both are staked stablecoins with a yield, from very different sources. sUSDe (Ethena) earns mainly from funding rates on hedged crypto positions; sUSDS (Sky, formerly Maker) earns the Sky Savings Rate, funded by the protocol’s lending and treasury holdings.
Figures from our live dataset · page generated 2026-10-11 · not investment advice
Side by side
| sUSDe | sUSDS | |
|---|---|---|
| Where the yield comes from | Delta-neutral futures basis trade + staking | Over-collateralized crypto loans + RWA/T-bills |
| Risk (our label) | Medium-High | Low |
| Custody | Self-custody (collateral held by centralized custodians) | Self-custody |
| Liquidity | 7-day cooldown to unstake; sell instantly on a DEX | Instant, no lockup |
| KYC to mint with the issuer | No KYC | No KYC |
| KYC to buy on a market | No KYC | No KYC |
| KYC to redeem | Not stated | Not stated |
| Assets under management | — | — |
| Jurisdiction | — | — |
| How to buy | Stake USDe at app.ethena.fi or buy sUSDe on a DEX/CEX | Stake at app.sky.money or buy sUSDS on a DEX |
How to choose
sUSDS pays a rate set by Sky governance and funded mainly by the protocol’s lending and real-world-asset holdings; it has been the steadier of the two. sUSDe’s yield comes from short perpetual-futures positions that hedge its collateral, so it rises and falls with funding rates — high in bull markets, low or even negative when sentiment turns. The extra yield on sUSDe is payment for that strategy risk.
More questions
Where does the yield come from?
sUSDe: Delta-neutral futures basis trade + staking. sUSDS: Over-collateralized crypto loans + RWA/T-bills.
How risky are they?
sUSDe: Medium-High. sUSDS: Low. The risk label is ours, in plain language, and is explained on each token page.
Are these yields fixed?
2 of 2 are variable: the rate moves with markets and is not guaranteed. The figures on this page were last checked on 2026-08-25.