Open Dollar’s decentralized governance has approved a Q4 2025 rebalance of the $OPEN Stablecoin Index that will remove Sky Protocol’s SKY token from the basket and replace it with Resupply (RSPLY) as one of the index’s component assets. The Snapshot proposal, titled “The $SKY is falling! Resupply displaces Sky Protocol in the $OPEN Stablecoin Index Q4 Rebalance,” sets out the index composition, weighting changes, and the operational steps required to implement the swap at the protocol level. The OPEN Stablecoin Index is designed to track a diversified basket of stablecoin-related or stablecoin-adjacent assets, and periodic rebalances are used to adjust constituents based on liquidity, risk, and fundamental considerations. The Q4 rebalance moves exposure away from SKY—governance and value-accrual token for Sky Protocol, the issuer of the USDS stablecoin and operator of the Sky Savings Rate—and instead allocates that slot to Resupply, a different protocol/token chosen under the index’s rules. Sky Protocol has recently been reshaping its own capital strategy, including sharply reducing daily SKY buybacks to bolster USDS reserves, which has drawn scrutiny over token performance versus protocol fundamentals. This context likely informed the index governance’s assessment of SKY’s risk/return profile relative to alternatives. For index users and liquidity providers, the rebalance matters because it alters the index’s exposure to the Sky ecosystem and redirects that weight to Resupply, potentially changing the portfolio’s risk characteristics, correlation profile, and yield dynamics. It also illustrates how on-chain indices can enforce transparent, rules-based turnover: any such constituent change can affect demand for the underlying tokens and may signal how DeFi participants are re-evaluating governance and revenue-sharing tokens linked to large stablecoin issuers.

AI-generated background, compiled from web sources — not editorial content.

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