> For the complete documentation index, see [llms.txt](https://docs.zeal.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.zeal.app/faq/how-does-sky-usd-work.md).

# How does Sky USD work?

### How does Sky USD make money?

**Treasury Operations**\
<https://info.sky.money/collateral/rwa>\
<https://info.sky.money/collateral/legacy-rwa>

**Lending Operations**\
<https://info.sky.money/collateral/spark>\
<https://info.sky.money/collateral/core>\
<https://info.sky.money/collateral/seal-engine>

**Market Making Operations**\
<https://info.sky.money/collateral/stablecoins>

### What is the collateral composition of Sky USD?

**Stablecoins (USD pegged)**\
<https://info.sky.money/collateral/stablecoins>

**Bitcoin & Ether (overcollateralised)**\
<https://info.sky.money/collateral/spark>\
<https://info.sky.money/collateral/core>

**US Treasuries (short duration)**\
<https://info.sky.money/collateral/rwa>

**Other**\
<https://info.sky.money/collateral/legacy-rwa>\
<https://info.sky.money/collateral/seal-engine>