Updating the sky.money USDT Savings Vault & USDS Flagship Vault

Vaults Sky money
1

Updating the sky.money USDT Savings Vault & USDS Flagship Vault

We’re excited to announce a set of updates to the sky.money USDT Savings Vault and the sky.money USDS Flagship Vault. These changes introduce a new capped-oracle sUSDS/USDT market with improved risk parameters, add PT-sUSDS / USDS market to the Flagship Vault, and rebalance variable market allocations to deliver better rates for both suppliers and borrowers.

sky.money USDT Savings Vault

A new sUSDS / USDT (capped) market has been created and will replace existing sUSDS / USDT in the vault

  • LLTV: 96.5%
  • IRM: Morpho’s AdaptiveCurve
  • Oracle: USDT leg capped at $1.00 on the upside via CappedOracleFeed
  • Market ID: 0x26b178d49895f80ca3c39b2745efc4cd9adcddfcc73dae93e531e86977ec4d96

See the CappedOracleFeed contract on Soter Labs Github

Rationale

  • USDT price cap at $1.00. Setting a maximum price of $1.00 on the USDT leg prevents temporary upside deviations of USDT from artificially lowering the value of collateral relative to debt, reducing unnecessary liquidation risk for borrowers.
  • sUSDS oracle now referenced to USDS. The sUSDS oracle was changed to derive its price from USDS instead of DAI. Since USDS and DAI are 1:1 exchangeable at T0, both approach can be consider equally safe. It simply makes the pricing path clearer and more consistent with the asset actually being borrowed against.

The new market will be added to the USDT Savings Vault on Monday, 27 July 2026, and all borrowers in the existing sUSDS/USDT market are encouraged to migrate their positions to benefit from the improved oracle configuration. Vault allocation mechanism will be configured to slowly increase the utilization and rates on the older market, to enforce the migration in the long run.

sky.money USDS Flagship Vault

A new PT-sUSDS-26NOV2026 / USDS market is going to be added to the vault on Monday, 27 July 2026:

  • LLTV: 91.5%
  • IRM: Morpho’s AdaptiveCurve
  • Oracle: Linear-discount PT oracle
  • Market ID: 0x9a8dab6de1059e6dc66c34b358764b70effb289e514e237f3161ffb09eaaf24f
    See the PendleSparkLinearDiscountOracle contract on Pendle Finance Github

PT-sUSDS / USDS Market

The PT-sUSDS-26NOV2026 / USDS market allows users to:

  • Deposit PT-sUSDS-26NOV2026 as collateral
  • Borrow USDS against it under an LLTV of 91.5%
  • Lock in fixed-yield exposure to the Sky Savings Rate while accessing USDS liquidity, enabling capital-efficient looping of fixed-rate positions

Why PT-sUSDS?

PT-sUSDS is the principal token of sUSDS, redeemable 1:1 for the underlying at maturity (26 November 2026). Its value converges deterministically toward the underlying over time, which makes it a well-behaved, tightly correlated collateral asset for a USDS-denominated market. The linear-discount oracle prices the PT along this predictable convergence path, avoiding reliance on thin secondary-market pricing. Adding this market brings fixed-yield collateral demand into the vault, deepening USDS borrowing activity from a user base with a naturally long holding horizon.

Variable Market Allocation Changes

Alongside the new market, the vault’s allocations across its variable-rate lending markets are being rebalanced. The allocator bot’s target weights have been optimized to keep utilization in each market within a healthy range - deep enough to offer competitive supply yields to depositors, while keeping borrowing rates attractive and stable for borrowers. On-chain constraints on total and per-market exposure remain unchanged, preserving withdrawal liquidity at all times.