Sky disclosed more than $4.4 billion in aggregate PSM stablecoin liquidity on October 9. A USDS exit depends on the USDC inventory available on that route at the time of the transaction. DAI-USDS conversions, USDD borrowing and legacy-token migration can change individual token counts without matching new bank-dollar deposits. USDS-to-USDC conversion and bank redemption are separate steps: token conversion does not substitute for bank account access. Circle’s EEA retail route imposes eligibility checks and a five-business-day timeframe for eligible holders, while Circle Mint remains an institutional product unavailable to individuals.
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