Sky's $4.4B liquidity disclosure shows USDS cash-outs need a separate bank route

• —PSM enables direct one-for-one USDS–USDC conversion with no protocol swap fee
• —Cumulative USDC–USDS volume via Uniswap routing reached $1.6 billion by Oct. 6
• —PSM conversion changes token form but does not create new dollar inflows
• —USDS exit depends on USDC inventory available on that route at the time of transaction