The industry of decentralized finance (DeFi) is going through a period of consolidation under standards of transparency and security.
One of its engines is stablecoina type of cryptocurrency with 1 to 1 parity with another asset like the dollar, changes course forever. What does it mean?
A widely used crypto dollar in Argentina changes completely: what does this change mean?
It is about DAIone of the first digital dollars, which will cease to exist under that name and will be called USDS. The change involves an automatic migration of user balances in a 1:1 ratio, without commissions, and is part of the reorganization of the Maker ecosystem towards a new framework called “Sky“.
The name change does not affect the parity with the US dollarsince USDS will remain a stablecoin backed at a 1:1 ratio.
What does change is the brand and the internal regulatory frameworksince MakerDAOthe protocol’s parent company, reorganized its structure under the “Sky” project, with the aim of giving greater clarity and scalability to the ecosystem.
Tomás Field, Lemon’s Public Relations Manager, comments to iProUP that Sky Protocol launched USDS in September 2024, a new version of the DAI stablecoin. “At the moment, both currencies coexist. Now the Larger exchanges are stopping accepting DAI and migrating to USDS“he remarks.
The keys to the exchange from DAI to USDC
Users who had deposits, loans or open positions in DAI should review the conditions on each platform, since Some services temporarily suspended deposits and withdrawals during the transition. However, once the migration is complete, all operations will continue under the USDS ticker.
DAI was for years one of the most relevant stablecoins in the DeFi world, used in lending protocols, yield farming and digital payments. It also has a higher degree of decentralization than USDT and USDC.
The decision to rename it USDS responds to the need to align the brand with international standardsreinforce user confidence and facilitate adoption in regulated marketsespecially after the advanced US regulations on the matter.
Additionally, the new “Sky” framework seeks to better integrate the various MakerDAO solutions, with greater transparency and governance in the issuance and support of the stablecoin.
DAI changes forever: what happens if I have units of the token on exchanges?
The conversion process DAI to USDS It has already started on different exchanges. In all cases, users do not need to take any action: the balances are automatically transformed into the new stablecoin.
For example, Coinbase set the migration window between May 4 and 6, 2026while Phemex and CoinEx They started the swap at the end of March and beginning of April. Binance also did it automatically.
The DAI stablecoin will be renamed USDS. How does it affect user holdings on exchanges?
Now the largest exchanges in Argentina follow this model and are already stopping accepting DAI to migrate to the new cryptocurrency.
One of the first to make the conversion was Bitsowhich implemented the change in September 2025. “The transition was designed to be a transparent process that preserves the liquidity of our users, converting your balances automatically into a 1 to 1 ratio to ensure that its value is not affected,” explains Julián Colombo, director of Bitso for South America.
“By relying on the Sky protocol infrastructure, we ensure that the market depth remains stable and that users can transact with the same fluidity as always,” he adds.
In the case of Lemon, from the April 9, all remaining DAI balances in Lemon will be automatically converted to $USDS. “The conversion is 1 to 1: each DAI will be 1 USDS automaticallywithout you having to do anything. You will also be able to deposit, buy, exchange and sell USDS as with any currency,” details Field
Regarding the stakingsince DAI is a cryptocurrency that generated daily returns in Lemon, the spokesperson warns that “will stop giving returns in Lemon Earn“. Regarding USDS “we will see if the available DeFi protocols that we have in the app provide one and we will analyze incorporating them,” he indicates.
Regarding Bitso, its executive clarifies that, as was the case with its predecessor, “the new USDS token does not have a structure for generating interest or passive returns. The transition does not modify this condition, so the asset remains available only for purchase, sale and custody operations.”
Colombo also specifies that they managed the entire technical transition at the infrastructure level so that users did not have to worry about the complexity of Sky’s smart contracts.
“We updated our systems to recognize new USDS contracts, ensuring that funds deposited on the platform are always handled under the latest standards of security and network operational efficiency.”
Another local platform that was one of the first to appear in the country and that maintains DAI among its asset offering, has not yet reported what it will do with respect to the token.
