Stablewatch Joins Sky Ecosystem as Core Contributor

Delivering Institutional-Grade Risk and Data Infrastructure to DeFi's Largest Balance Sheet

Onchain yield markets have crossed $20 billion. The infrastructure to assess risk, compare opportunities, and satisfy due diligence has not kept up. Stablewatch is here to fix that.

As a new core contributor to the Sky Ecosystem, Stablewatch is helping build Sky Sentinel: the data, compliance, and risk layer for the protocol behind USDS, the world's largest decentralised yield-generating stablecoin.

Inside the World's Largest Onchain Yield Engine

Sky Protocol, formerly MakerDAO, completed its full rebrand and technical migration in 2025. The numbers since then are hard to ignore.

USDS supply grew 86% over the course of 2025, from $5.3 billion to $9.8 billion, outpacing the broader stablecoin market's 50% expansion. The protocol now generates $435 million in annualised revenue and $168 million in annualised profit, while operational expenses fell 61.5% year-on-year.

Capital is deployed through a competitive network of governance-approved operators called Sky Agents, including Spark, Grove, Keel, and Obex. Each is incentivised to deliver the highest risk-adjusted returns across collateralised crypto lending, tokenised U.S. Treasuries, AAA corporate debt, private credit, and emerging asset classes.

The regulatory backdrop is turning favourable too. The GENIUS Act, signed into law on July 18, 2025, established a federal framework for centralised payment stablecoins, signalling growing institutional comfort with stablecoin infrastructure. U.S. Treasury Secretary Scott Bessent has projected a $3 trillion stablecoin market by 2030, roughly ten times current supply.

Sky's engine is running. What it needs now is auditable data and risk infrastructure to scale.

What Stablewatch Brings

Stablewatch is the analytics platform purpose-built for onchain yield markets, led by a team with significant experience across financial markets and digital assets at BNY Mellon, State Street Bank, Chatham Financial, ConsenSys, DeFiLlama, and OKX Wallet.

The platform currently indexes over $20 billion in onchain yield assets and has supported risk advisory engagements covering more than $10 billion in value. It delivers three things: real-time yield analytics for institutional-grade comparison of yield-generating tokens, a risk advisory practice applying rigorous methodology to onchain balance sheets, and daily market intelligence keeping the stablecoin community informed.

Sky Sentinel: Risk Infrastructure for a $11B Ecosystem

At the core of Stablewatch's contribution is Sky Sentinel, a comprehensive data and risk management network designed to become the single source of truth for all Sky Ecosystem participants.

The initial implementation covers two modules.

Verify solves a transparency problem that has held Sky Protocol back from institutional adoption. Today, data on assets backing USDS is scattered across dashboards maintained by individual Sky Agents. Verify consolidates everything into one terminal: real-time NAV of all holdings, full look-through to every Agent position, and round-the-clock monitoring of risk capital requirements based on live position health data. For institutional allocators accustomed to detailed reserve reporting, this is a meaningful step forward.

Settlement establishes an auditable accounting standard across the entire ecosystem. Rather than point-in-time snapshots, users will be able to monitor historical performance of all Sky positions, individual Agent balance sheets, and aggregate ecosystem financials continuously. Built on industry-standard accounting practices, the Settlement layer gives third-party auditors and institutional allocators exactly what they need to commit serious capital.

Underpinning both modules is a proprietary risk methodology developed by the Stablewatch team, drawing on institutional frameworks from traditional finance and adapted for the specific dynamics of onchain asset classes. This is not a rehash of existing DeFi risk tooling. It is a fundamentally different approach to measuring tail risk, liquidity horizons, and cross-asset correlation across a diversified onchain balance sheet. More details on the methodology will be shared in the coming months.

Stablewatch is the analytics platform for onchain yield markets, delivering real-time insights, institutional-grade risk advisory, and market intelligence. Learn more at stablewatch.io.