Sky (formerly MakerDAO), the protocol behind the $11 billion USDS stablecoin, launched a fixed-yield product Wednesday that lets depositors lock in a set return to a named maturity date using Pendle’s yield-tokenization infrastructure. The product, called Fixed Yield, is now live at sky.money/fixed-yield, Sky said on X.

The launch targets users of sUSDS, Sky’s savings-rate token, which holds $6.16 billion in market capitalization, by offering a term-based alternative to the variable Sky Savings Rate (SSR). At the time of writing, th fixed-yield market shows a 5.38% APY with a Nov. 26 maturity date, per the sky.money product page. The SSR’s own variable rate sits at 3.60% APY for the same sUSDS pool on DefiLlama.

The product is built on Pendle Protocol v2, which splits yield-bearing tokens into Principal Tokens and Yield Tokens. When a user supplies USDS, USDC, or sUSDS into a Fixed Yield market, the protocol issues PT-sUSDS — a Pendle principal token that matures on a date chosen by Sky. Holding to maturity locks the entry rate. Exiting early means selling the PT position at prevailing market prices, which may be above or below the entry price.

Sky’s Role and Pendle’s Infrastructure

Sky sets the maturity dates when it opens each market. The rate itself is market-driven, set by trading activity in the Pendle pool rather than by Sky’s governance. Sky makes clear on its product page that it does not set, control, or guarantee the rate.

Sky (sky-lending) holds $5.91 billion in total value locked, per DefiLlama, making it one of DeFi’s largest CDP protocols. Pendle, the fixed-yield infrastructure layer, holds $1.23 billion in TVL across Ethereum, Arbitrum and Plasma.

The launch follows Wednesday’s Pendle listing on Revolut, the European fintech with roughly 20 million crypto users, which expanded token distribution but not Pendle’s actual fixed-yield product access. This integration goes the other direction: it brings Pendle’s PT mechanics onto Sky’s own product surface, inside the protocol rather than on a trading app.

The SSR has drifted lower over recent months. A fixed product offering a premium above spot gives rate-sensitive depositors a reason to commit capital to a term rather than stay floating.