MakerDAO Alternatives on Sui: CDP Stablecoins Compared
Looking for a MakerDAO (Sky) alternative on Sui? How Bucket's USDB CDP, Metastable and native USDC compare with DAI and USDS, with DefiLlama data and risks.
The closest MakerDAO (Sky) alternative on Sui is Bucket Protocol, which lets you lock SUI, liquid staking tokens or BTC in a vault and borrow its USDB stablecoin, the same CDP model that created DAI. It is the only live CDP stablecoin of any size on Sui. Most dollars on Sui are fiat-backed coins such as native USDC, so this guide covers those too, with figures from DefiLlama checked on 31 October 2026.
How MakerDAO and Sky work
MakerDAO launched DAI on Ethereum in December 2017. Users open a vault, deposit collateral such as ETH, and mint DAI as a loan. Each vault type charges a stability fee, the interest on that loan, and liquidates positions that fall below their collateral ratio.
In August 2024 MakerDAO announced its rebrand to Sky, and the new tokens went live in September 2024. USDS is the new stablecoin and SKY the governance token. Sky's developer docs describe a fixed 1:1 DAI and USDS converter with no fees, and MKR upgrades to SKY at a fixed 1:24,000. Our explainer What is USDS? covers the rebrand in detail.
Two other parts matter for this comparison:
- The peg stability module. Sky's LitePSM swaps USDC for DAI or USDS with no slippage from pre-minted pools. Sky's docs say fees on it "have not been activated."
- The Sky Savings Rate. Holders deposit USDS into sUSDS, an ERC-4626 vault, to earn the rate. The rate read from the sUSDS contract on 31 October 2026 was 3.80% a year, and DefiLlama's yields page showed the same figure. Governance can change it at any time.
DefiLlama put Sky's lending TVL at about $5.0 billion on 31 October 2026, with about $6.45 billion USDS and $4.72 billion DAI in circulation.
Why someone looks for a Maker alternative on Sui
DAI and USDS do not have a native Sui deployment that we could find on DefiLlama's stablecoin tracker. Sui users who want to borrow a dollar stablecoin against SUI have two routes. One is a CDP that mints new stablecoins, which is the Maker approach. The other is borrowing existing USDC from a lending market, which is the Aave approach and is covered in our Aave alternatives on Sui and Sui lending protocols guides.
A CDP's cost is set by the protocol (the stability fee or interest rate), not by supply and demand in a lending pool. That makes the borrowing cost more predictable, but the stablecoin you receive is only as stable as its collateral, liquidations and peg tools.
Bucket Protocol: the Sui CDP
Bucket has run on Sui since 2023. On 16 September 2025 it announced a major upgrade (V2) and renamed its stablecoin from BUCK to USDB, with a 1:1 fee-free migration. DefiLlama counted about $26.9 million in Bucket V2 and $14.2 million in the legacy V1 contracts on 31 October 2026.
V2 works like Maker's vaults, with a few differences:
- Each collateral is an isolated vault with its own minimum collateral ratio, interest rate and mint cap. On-chain settings on 31 October 2026 put the ratio at 110% for SUI, the main SUI liquid staking tokens and BTC, and up to 150% for riskier assets.
- Interest is a fixed annual rate per collateral. V2 dropped the one-time 0.3% borrow fee that V1 charged.
- A peg stability module swaps USDB 1:1 with USDC (free in) and bridged USDT (0.05% in), with a 0.30% fee to swap out, according to Bucket's docs.
- Staking USDB gives sUSDB, which earns Bucket's Base Savings Rate, the counterpart of the Sky Savings Rate.
- Liquidation seizes the whole position once it falls below the minimum ratio, and an insurance fund covers bad debt.
Bucket V2 removed redemptions. In V1, anyone could redeem BUCK for $1 of collateral from the riskiest borrowers, much like Liquity on Ethereum. Without redemptions, the PSM and borrower demand carry the peg. About 11.8 million USDB was in circulation on 31 October 2026, according to on-chain data, and about 1.74 million of it was CDP debt; the rest came from other routes such as the PSM. Our full Bucket Protocol explainer covers collateral, the BUT token and risks.
Metastable: listed as a CDP, works differently
DefiLlama files Metastable under CDP, but its docs describe a different design. Metastable, incubated by Aftermath, mints mUSD that is backed 1:1 by deposited stablecoins such as USDC, AUSD and FDUSD, and superSUI backed 1:1 by SUI and liquid staking tokens. Nobody borrows against volatile collateral, so there are no CDP loans to liquidate.
Metastable's TVL was about $333,000 on 31 October 2026, down from a peak of about $11.4 million in July 2025, per DefiLlama. We found no shutdown notice. At that size, exiting a large position could be harder than the 1:1 backing suggests.
Sky vs Sui stablecoin options
| Option | Type | How you get it | Peg tools | Savings yield | Size, 31 Oct 2026 |
|---|---|---|---|---|---|
| Sky (DAI / USDS), Ethereum | CDP plus reserves | Borrow against collateral in a vault, or swap USDC in the LitePSM | LitePSM, liquidations | Sky Savings Rate via sUSDS (3.80% on 31 Oct 2026) | About $5.0B lending TVL; about $11.2B DAI plus USDS |
| Bucket V2 (USDB), Sui | CDP | Borrow against SUI, LSTs, BTC, WAL, SCA or Scallop sCoins, or swap in the PSM | PSM, full-position liquidation, insurance fund | Base Savings Rate via sUSDB (shown in app) | About $26.9M TVL (plus $14.2M in V1); about 11.8M USDB supply |
| Metastable (mUSD), Sui | 1:1 stablecoin-backed vault | Deposit USDC or other listed stablecoins | 1:1 backing, dynamic withdraw fee | Points from lending idle assets | About $0.33M TVL |
| Native USDC, Sui | Fiat-backed (Circle) | Buy, bridge with CCTP, or borrow on a lending market | Issuer redemption | Only by lending it out | About $281M on Sui |
| USDsui, Sui | Fiat-backed (issued by Bridge, a Stripe company) | Buy or swap | Issuer redemption | Only by lending it out | About $75.4M |
Stablecoin supply figures come from DefiLlama's stablecoin tracker, except USDB, which is the on-chain supply.
Other stablecoins on Sui
Most of the dollar liquidity on Sui sits in fiat-backed or yield-backed coins, not CDPs. Circle's native USDC went live on Sui on 8 October 2024, and the older bridged version was renamed wUSDC. DefiLlama showed about $281 million of USDC on Sui on 31 October 2026, by far the largest stablecoin on the chain.
Smaller options, by DefiLlama supply on 31 October 2026:
- USDsui, the Sui Dollar issued by Bridge, live since 4 March 2026: about $75.4 million.
- FDUSD from First Digital, native on Sui since November 2024: about $43.5 million.
- suiUSDe, an Ethena-backed coin launched with SUI Group: about $12.4 million. It inherits the funding-rate risk of Ethena's USDe, covered in What is USDe?
- USDT exists on Sui only as a bridged token: about $8.2 million. We found no native Tether issuance.
- AUSD from Agora, live since September 2024: about $1.9 million.
DefiLlama also lists two other Sui CDP or algorithmic entries, Weiss Finance and Poseidollar, each with a TVL of a few dollars. For how fiat-backed, crypto-backed and algorithmic stablecoins differ, see our stablecoins explainer.
Which option fits whom
A SUI holder who wants dollars without selling, and who accepts liquidation risk, is the user a CDP like Bucket is built for. A 110% ratio leaves very little room, so a borrower who wants to survive a sharp SUI drop has to post far more collateral than the minimum. Work out your liquidation price first.
Someone who wants to hold a dollar on Sui with the least moving parts will usually pick native USDC, which carries issuer and freeze risk but no liquidation risk. Someone chasing a savings rate can compare sUSDB with lending USDC on Suilend, NAVI or Scallop, keeping in mind that both rates change.
A user who wants Sky's depth and its Savings Rate has no direct route on Sui. They would need to bridge to Ethereum, which adds bridge risk and gas costs.
Risks to weigh
- Depeg risk: a CDP stablecoin holds its peg only while its collateral, liquidations and PSM reserves work. On 10 October 2025, during a market-wide crash, CoinGecko recorded a USDB low of $0.878, most likely a short wick in thin trading. Our guide to stablecoin depegs covers the mechanics.
- Liquidation risk: Bucket V2 seizes the whole position, so a borrower loses about the gap between the collateral ratio and the debt, not just a slice.
- Collateral risk: liquid staking tokens and Scallop sCoins depend on other Sui protocols. After Aftermath's perps exploit on 29 April 2026, crypto press reported that Bucket set its afSUI mint cap to zero as a precaution.
- Liquidity risk: USDB and mUSD are small. Large exits move the price more than they would for USDC, DAI or USDS.
- Smart-contract risk: Bucket V2 was audited by Quantstamp, Hashlock and MoveBit in 2025, according to its docs.
Where JewelSwap fits
JewelSwap does not issue a stablecoin or run a CDP on Sui. Its Sui products are auto-compounded leveraged farms built on Scallop, the JWLSUI liquid staking design and NFT-collateralized lending, described in JewelSwap on Sui. For the full map of Sui protocols by category, see our Sui TVL breakdown.
Frequently asked questions
Is there a MakerDAO on Sui?
Bucket Protocol is the closest equivalent. It lets users lock SUI, liquid staking tokens or BTC in a vault and borrow its USDB stablecoin, with a peg stability module and a savings rate. DefiLlama counted about $41.1 million across Bucket's V1 and V2 contracts on 31 October 2026.
Is DAI or USDS available on Sui?
We found no native DAI or USDS deployment on Sui in DefiLlama's stablecoin tracker on 31 October 2026. To use Sky's stablecoins and the Sky Savings Rate, you need to be on Ethereum or another chain where Sky operates.
What is the difference between Bucket and Sky?
Both mint stablecoins against collateral and run a peg stability module and a savings rate. Sky is far larger, with about $5.0 billion in lending TVL against Bucket's roughly $41 million. Bucket V2 also has no redemptions and liquidates whole positions.
What is the largest stablecoin on Sui?
Native USDC from Circle, with about $281 million on Sui on 31 October 2026 according to DefiLlama. USDsui, FDUSD and suiUSDe follow at much smaller sizes.
Is Metastable a CDP?
DefiLlama lists it under CDP, but Metastable's docs say mUSD is backed 1:1 by deposited stablecoins, so users do not borrow against volatile collateral. Its TVL was about $333,000 on 31 October 2026.
Educational only, not financial advice. Figures from DefiLlama, protocol docs and on-chain data, checked 31 October 2026; stablecoins carry smart-contract, depeg and issuer risk.
