Binance completes DAI to USDS token swap: what changed and why it matters

Binance has completed its Dai (DAI) token swap, automatically converting all user DAI balances to USDS at a 1:1 ratio as the exchange transitions to Sky Protocol’s rebranded stablecoin. New USDS trading pairs went live at 08:00 UTC on April 9, 2026, ending DAI’s presence on the world’s largest crypto exchange.

Binance’s DAI to USDS migration: what changed

Binance first announced on March 20, 2026 that it would support the DAI-to-USDS token swap, with an update published on March 31 confirming the final timeline. The swap is linked to MakerDAO’s August 2024 rebrand to Sky Protocol, which launched USDS as an upgraded successor to DAI.

The migration was treated as a full asset replacement. Binance removed the DAI ticker from its platform and replaced it with USDS across spot and wallet interfaces. Users now see only USDS in their balances, trading views, and transaction histories.

Swap ratio

• 1 DAI = 1 USDS

Automatic conversion was applied during Binance’s DAI-to-USDS migration.

User impact: balances, trading pairs, and deposits

All DAI balances held on Binance were automatically converted to USDS with no manual action required. The fixed 1:1 ratio means, for example, a user holding 5,000 DAI would hold 5,000 USDS after the conversion.

Binance removed all four DAI spot trading pairs at 03:00 UTC on April 7, 2026, including BTC/DAI, DAI/JPY, ETH/DAI, and USDT/DAI. Two days later, three new USDS pairs launched: BTC/USDS, ETH/USDS, and USDS/USDT.

DAI deposits and withdrawals have been suspended permanently. Users holding DAI in external wallets cannot deposit it to Binance, and DAI withdrawals are no longer supported after the swap. Any remaining DAI would need to be converted through other channels, such as Sky Protocol’s migration portal.

The article also notes that there were no reported disruptions to margin or futures services tied to the migration, but traders should ensure any open orders or automated strategies referencing DAI pairs are updated to the new USDS tickers.

USDS vs. DAI: scale and growth context

The migration aligns with a broader shift already underway. USDS has a market cap of $11.51 billion, about 2.6 times larger than DAI’s $4.41 billion. Both stablecoins trade within fractions of a cent of their $1 peg.

USDS reached $1 billion in total supply within two weeks of its September 18, 2024 launch, and Sky.money attracted approximately 400,000 visits in its first month. During the same period, DAI supply remained stable at approximately $4.7 billion.

The article states that combined inflows across both tokens increased by roughly $700 million since USDS launched, suggesting USDS attracted new capital rather than simply reallocating existing DAI holders. It also highlights that Sky Protocol has integrated USDS with DeFi platforms including Aave, Ethena, and Morpho, with Layer 2 and Solana expansions planned.

USDS also includes a freeze function in its smart contract code, allowing Sky Protocol to halt transfers if needed to meet evolving regulatory requirements while maintaining decentralized collateralization.

How exchange-led token migrations typically work

Binance’s DAI-to-USDS migration followed a three-phase pattern seen in previous exchange-led token swaps: advance notice, trading suspension, and automatic conversion with new pair launches.

The staged approach—announcement on March 20, pair removal on April 7, and new pair launch on April 9—was designed to give market makers and algorithmic traders time to adjust routing and liquidity provisioning. The article notes that abrupt ticker changes can fragment order books and temporarily widen spreads.

Users were advised to verify that USDS balances match prior DAI holdings, update any API integrations or bot configurations to reference the new trading pairs, and review transaction history exports if tax reporting depends on ticker-specific labels.

FAQ: Binance DAI to USDS swap

Do I need to do anything with my DAI on Binance?

No. Binance automatically converted all DAI balances to USDS at a 1:1 ratio. No manual action was required, and the conversion has already been completed.

Will old DAI trading pairs still work?

No. All four DAI trading pairs (BTC/DAI, DAI/JPY, ETH/DAI, USDT/DAI) were permanently removed on April 7, 2026. They were replaced by BTC/USDS, ETH/USDS, and USDS/USDT.

What if I still hold DAI off-exchange?

DAI held in personal wallets or on other platforms is unaffected by Binance’s migration. However, DAI cannot be deposited to Binance. To convert off-exchange DAI to USDS, users would need to use Sky Protocol’s official migration tools. The article states that DAI continues to exist as a separate token with its own market cap of $4.41 billion.

Can I still withdraw DAI from Binance?

No. DAI withdrawals are no longer supported on Binance following the swap. Former DAI balances are now denominated in USDS.

Is USDS safe to hold?

The article says USDS trades at $0.999821 and maintains the same overcollateralized backing model that underpinned DAI. It also notes USDS has grown to an $11.51 billion market cap since its September 2024 launch, and that users should assess smart contract risk and collateral transparency based on their own risk tolerance.

Binance’s completion of the DAI-to-USDS swap removes one of the last major exchange holdouts for the legacy ticker. With USDS now live on Binance’s core trading pairs and Sky Protocol continuing to expand integrations, the article concludes that the practical distinction between DAI and USDS for centralized exchange users has effectively ended.