OKX Backs SKY's Yield-Driven Stablecoin Push in DeFi's Next Phase

OKX has finalized the token swap for the MKR asset and has announced plans to list the SKY token, signaling its continued expansion into emerging decentralized finance (DeFi) projects. The move aligns with the broader trend of major crypto exchanges seeking to support innovative and high-liquidity tokens in a rapidly evolving market. This follows a strategic shift by OKX to enhance its product offerings and attract a wider range of traders and investors.

The SKY token, formerly associated with MakerDAO, has emerged as a key player in the DeFi space, particularly through its proposal to launch USDH, a stablecoin designed to redistribute yield across the Hyperliquid ecosystem. The proposal, submitted by Sky, outlines a mechanism to offer competitive yields and liquidity incentives that could reshape stablecoin economics. Hyperliquid, a decentralized exchange that recently reported nearly $400 billion in trading volume, is seeking a stablecoin partner to implement a yield-sharing model that distributes earnings to validators, liquidity providers, and token holders.

Sky’s proposal includes a 4.85% yield on USDH deposits, which significantly exceeds traditional U.S. Treasury bill returns. This yield would be used for HYPE token buybacks and to fund ecosystem development, providing a sustainable financial model for the Hyperliquid platform. Additionally, USDH will be multichain-enabled via LayerZero, offering users the ability to convert their stablecoin holdings into yield-bearing sUSDS, which itself offers a 4.75% return. This multi-layered approach to liquidity and yield generation highlights Sky’s focus on innovation and user value.

Beyond yield generation, Sky emphasizes governance flexibility and regulatory readiness. The project has pledged to align with potential regulatory frameworks such as the U.S. GENIUS Act and the EU’s MiCA rules, ensuring that USDH can operate within evolving compliance standards. Sky has also drawn on its extensive risk management framework, modeled after Basel III banking standards, and has recently received an S&P credit rating—a rare achievement for a decentralized stablecoin protocol.

Hyperliquid validators will determine the winner of the USDH ticker through an on-chain vote scheduled for September 14, 2025. Sky has confirmed its commitment to integrating with Hyperliquid regardless of the outcome, citing shared goals around decentralized infrastructure and sustainable profit generation. Meanwhile, OKX’s decision to list SKY underscores the growing confidence in the token’s potential and its role in the next phase of DeFi development.