No. USDS is holding its peg. Pegana's current read is −0.00% from intrinsic value, inside its calibrated drift band. Sky Dollar (USDS) last traded at $1.0000 against an intrinsic value of $1.0000, as of .
USDS is a CDP-backed stablecoin: it is minted against on-chain collateral, so Pegana reads the collateral ratio directly rather than inferring health from price alone. Pegana computes USDS’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against USDS’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.