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Coinbase has confirmed it will support the upcoming DAI to USDS migration, a key step in the transition of one of DeFi’s most widely used stablecoins.
According to the exchange, the conversion will take place between 4 May and 6 May 2026. User balances will be automatically migrated at an approximate 1:1 ratio from DAI to USDS.
The move reflects a broader overhaul of the Maker ecosystem. MakerDAO continues its shift toward the rebranded “Sky” framework and a new generation of stablecoin infrastructure.
Sky has also said that other major exchanges, including Binance, will support the migration.
Ahead of the conversion window, Coinbase said DAI trading has already been moved to limit-only mode, with further restrictions set to follow.
Coinbase also noted that users in several European Economic Area (EEA) jurisdictions will not be included in the migration.
Recent data suggests the transition is already unfolding at scale rather than remaining purely planned. USDS currently has a market capitalization of over $11B, with circulating supply closely matching total supply—an indicator that liquidity has been deployed across the ecosystem.
Trading activity has also increased, with daily volume rising sharply in recent sessions. The data points to active migration flows and growing usage as users transition from DAI to USDS.
Despite the shift, USDS has maintained a stable peg near $1, indicating that the migration is occurring without immediate disruption to price stability.
Coinbase’s support for the DAI-to-USDS migration signals that the transition is entering an execution phase, with exchanges beginning coordinated conversions. Market data showing USDS operating at scale reinforces that the shift from DAI is actively underway.
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