Sky’s $4.4 billion liquidity disclosure shows why USDS cash-outs need a separate bank route

Sky.money reported more than $4.4 billion of stablecoin liquidity in its Peg Stability Module in an Oct. 9 explanation of the conversion mechanism . The PSM gives holders a direct route between USDS, Sky Protocol’s dollar-linked token, and USDC at a one-for-one rate. Those measures answer different questions. Token circulation describes the stock of holdings. Conversion inventory describes what a holder can receive on a particular exit route. Fresh external dollar demand concerns money entering from outside the token system.