Vol. I · USDSWednesday, September 2, 2026← The ledger

USDS

USDS, issued by Sky, claims to be worth one dollar. Across 3 exchanges it trades at $0.9998−2.5 bp, with the exchanges disagreeing by ±4.2 bp.

The deviation is smaller than the exchanges' own disagreement, or under the noise floor. That is spread, not a depeg, and it is withheld from the wire.

The exchanges

every quote for USDS, and its distance from the consensus/v1/peg/USDS
ExchangeQuoteFrom consensusStatus
Coinbase0.99975+0.0 bpagrees
Crypto.com1.00049+7.4 bpagrees
Kraken0.99966−0.9 bpagrees

set aside: further than 0.35% from the provisional median — quoting a different market, and named rather than dropped

Where it sits

USDS against the other 11 coins in the ledger/v1/peg
−30 bp−20 bp−10 bp$1.00+10 bp+20 bp+30 bpthe other 8: DAI · USDE · USDT · GUSD · USDG · USDC · PYUSD · RLUSDUSDSPYUSD on bitstamp, −4.98% — set asideUSDG on gemini, −1.69% — set asideDAI on binance.us, −1.28% — set asideTUSD, +2.50% — single quote, unverified

each coin at its consensus price · the grey band is how far its exchanges disagreedvermilion: outside its own band and above the noise floor — printed on the wirequotes set aside are shown off the ends, at their true distance in the label