diff --git a/README.md b/README.md
index 642bb70..f1acc47 100644
--- a/README.md
+++ b/README.md
@@ -17,3 +17,7 @@ It is a converter between `Mkr` and `Sky` (both ways). Using the `mint` and `bur
 **Note:** if one of the tokens removes `mint` capabilities to this contract, it means that the path which gives that token to the user won't be available.
 
 **Note 2:** In the MKR -> SKY conversion, if the user passes a `wad` amount not multiple of `rate`, it causes that a dusty value will be lost.
+
+### SupplySync
+
+A contract with permissionless functionality that syncs the SKY supply to include also the MKR supply (thus MKR acts as wrapper of SKY).
diff --git a/deploy/SkyDeploy.sol b/deploy/SkyDeploy.sol
index 96da375..bc60fe8 100644
--- a/deploy/SkyDeploy.sol
+++ b/deploy/SkyDeploy.sol
@@ -20,6 +20,7 @@ import { ScriptTools } from "dss-test/ScriptTools.sol";
 
 import { Sky } from "src/Sky.sol";
 import { MkrSky } from "src/MkrSky.sol";
+import { SupplySync } from "src/SupplySync.sol";
 
 import { SkyInstance } from "./SkyInstance.sol";
 
@@ -46,4 +47,11 @@ library SkyDeploy {
         sky = address(new Sky());
         ScriptTools.switchOwner(sky, deployer, owner);
     }
+
+    function deploySupplySync(
+        address mkrSky,
+        address owner
+    ) internal returns (address supplySync) {
+        supplySync = address(new SupplySync(mkrSky, owner));
+    }
 }
diff --git a/deploy/SkyInit.sol b/deploy/SkyInit.sol
index 90dae83..3cfadb5 100644
--- a/deploy/SkyInit.sol
+++ b/deploy/SkyInit.sol
@@ -21,6 +21,7 @@ import { SkyInstance } from "./SkyInstance.sol";
 
 interface SkyLike {
     function rely(address) external;
+    function allowance(address, address) external view returns (uint256);
 }
 
 interface MkrSkyLike {
@@ -29,6 +30,12 @@ interface MkrSkyLike {
     function rate() external view returns (uint256);
 }
 
+interface SupplySyncLike {
+    function mkr() external view returns (address);
+    function sky() external view returns (address);
+    function rate() external view returns (uint256);
+}
+
 interface MkrLike {
     function authority() external view returns (address);
 }
@@ -54,4 +61,19 @@ library SkyInit {
         dss.chainlog.setAddress("SKY",     instance.sky);
         dss.chainlog.setAddress("MKR_SKY", instance.mkrSky);
     }
+
+    function initSupplySync(
+        DssInstance memory dss,
+        address supplySync
+    ) internal {
+        SkyLike sky = SkyLike(dss.chainlog.getAddress("SKY"));
+
+        require(SupplySyncLike(supplySync).mkr()  == dss.chainlog.getAddress("MCD_GOV"), "SkyInit/mkr-does-not-match");
+        require(SupplySyncLike(supplySync).sky()  == address(sky),                       "SkyInit/sky-does-not-match");
+        require(SupplySyncLike(supplySync).rate() == 24_000,                             "SkyInit/rate-does-not-match");
+        require(sky.allowance(supplySync, dss.chainlog.getAddress("MCD_PAUSE_PROXY")) == type(uint256).max, "SkyInit/allowance-not-set");
+
+        sky.rely(supplySync);
+        dss.chainlog.setAddress("SKY_SUPPLY_SYNC", supplySync);
+    }
 }
diff --git a/src/SupplySync.sol b/src/SupplySync.sol
new file mode 100644
index 0000000..df56a1e
--- /dev/null
+++ b/src/SupplySync.sol
@@ -0,0 +1,65 @@
+// SPDX-License-Identifier: AGPL-3.0-or-later
+
+/// MkrSky.sol -- Mkr/Sky Exchanger
+
+// Copyright (C) 2024 Dai Foundation
+//
+// This program is free software: you can redistribute it and/or modify
+// it under the terms of the GNU Affero General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version.
+//
+// This program is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU Affero General Public License for more details.
+//
+// You should have received a copy of the GNU Affero General Public License
+// along with this program.  If not, see <https://www.gnu.org/licenses/>.
+
+pragma solidity ^0.8.21;
+
+interface GemLike {
+    function totalSupply() external view returns (uint256);
+    function balanceOf(address) external view returns (uint256);
+    function approve(address, uint256) external;
+    function mint(address, uint256) external;
+    function burn(address, uint256) external;
+}
+
+interface MkrSkyLike {
+    function mkr() external view returns (address);
+    function sky() external view returns (address);
+    function rate() external view returns (uint256);
+}
+
+contract SupplySync {
+    GemLike public immutable mkr;
+    GemLike public immutable sky;
+    uint256 public immutable rate;
+
+    constructor(address mkrSky, address owner) {
+        mkr  = GemLike(MkrSkyLike(mkrSky).mkr());
+        sky  = GemLike(MkrSkyLike(mkrSky).sky());
+        rate = MkrSkyLike(mkrSky).rate();
+
+        // Allow owner (pause proxy) to burn the sky in this contract, if ever needed to wind down
+        sky.approve(owner, type(uint256).max);
+    }
+
+    function sync() external returns (bool isMint, uint256 amount) {
+        uint256 mkrSupplyInSky = mkr.totalSupply() * rate;
+        uint256 skyBalance     = sky.balanceOf(address(this));
+
+        unchecked {
+            if (mkrSupplyInSky > skyBalance) {
+                isMint = true;
+                amount = mkrSupplyInSky - skyBalance;
+                sky.mint(address(this), amount);
+            } else if (mkrSupplyInSky < skyBalance) {
+                amount = skyBalance - mkrSupplyInSky;
+                sky.burn(address(this), amount);
+            }
+        }
+    }
+}
diff --git a/test/integration/SupplySync.t.sol b/test/integration/SupplySync.t.sol
new file mode 100644
index 0000000..06448fa
--- /dev/null
+++ b/test/integration/SupplySync.t.sol
@@ -0,0 +1,122 @@
+// SPDX-FileCopyrightText: © 2024 Dai Foundation <www.daifoundation.org>
+// SPDX-License-Identifier: AGPL-3.0-or-later
+//
+// This program is free software: you can redistribute it and/or modify
+// it under the terms of the GNU Affero General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version.
+//
+// This program is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU Affero General Public License for more details.
+//
+// You should have received a copy of the GNU Affero General Public License
+// along with this program.  If not, see <https://www.gnu.org/licenses/>.
+
+pragma solidity ^0.8.21;
+
+import "dss-test/DssTest.sol";
+import { SupplySync } from "src/SupplySync.sol";
+import { SkyDeploy } from "deploy/SkyDeploy.sol";
+import { SkyInit } from "deploy/SkyInit.sol";
+
+interface GemLike {
+    function totalSupply() external view returns (uint256);
+    function balanceOf(address) external view returns (uint256);
+    function allowance(address, address) external view returns (uint256);
+    function burn(address, uint256) external;
+}
+
+interface SkyLike is GemLike {
+    function wards(address) external view returns (uint256);
+    function deny(address) external;
+}
+
+contract SupplySyncTest is DssTest {
+    DssInstance dss;
+
+    address    PAUSE_PROXY;
+    GemLike    MKR;
+    SkyLike    SKY;
+
+    SupplySync sync;
+
+    function setUp() public {
+        vm.createSelectFork(vm.envString("ETH_RPC_URL"));
+
+        dss = MCD.loadFromChainlog(0xdA0Ab1e0017DEbCd72Be8599041a2aa3bA7e740F);
+
+        PAUSE_PROXY = dss.chainlog.getAddress("MCD_PAUSE_PROXY");
+        MKR         = GemLike(dss.chainlog.getAddress("MCD_GOV"));
+        SKY         = SkyLike(dss.chainlog.getAddress("SKY"));
+
+        sync = SupplySync(SkyDeploy.deploySupplySync(dss.chainlog.getAddress("MKR_SKY"), PAUSE_PROXY));
+        vm.startPrank(PAUSE_PROXY);
+        SkyInit.initSupplySync(dss, address(sync));
+        vm.stopPrank();
+    }
+
+    function testDeployAndInit() public {
+        assertEq(address(sync.mkr()), address(MKR));
+        assertEq(address(sync.sky()), address(SKY));
+        assertEq(sync.rate(), 24_000);
+        assertEq(SKY.allowance(address(sync), PAUSE_PROXY), type(uint256).max);
+        assertEq(SKY.wards(address(sync)), 1);
+        assertEq(dss.chainlog.getAddress("SKY_SUPPLY_SYNC"), address(sync));
+    }
+
+    function _checkSync(bool isExpectedMint, uint256 expectedChange) internal {
+        uint256 mkrSupply         = MKR.totalSupply();
+        uint256 skySupplyBefore   = SKY.totalSupply();
+        uint256 syncBalanceBefore = SKY.balanceOf(address(sync));
+
+        (bool isMint, uint256 amount) = sync.sync();
+
+        uint256 syncBalanceAfter = SKY.balanceOf(address(sync));
+
+        assertEq(syncBalanceAfter, mkrSupply * 24_000);
+        assertEq(isMint, isExpectedMint);
+        assertEq(amount, expectedChange);
+        if (isExpectedMint) {
+            assertEq(syncBalanceAfter,  syncBalanceBefore + expectedChange);
+            assertEq(SKY.totalSupply(), skySupplyBefore   + expectedChange);
+        } else {
+            assertEq(syncBalanceAfter,  syncBalanceBefore - expectedChange);
+            assertEq(SKY.totalSupply(), skySupplyBefore   - expectedChange);
+        }
+    }
+
+    function testZeroSkyInSync() public {
+        deal(address(SKY), address(sync), 0);
+        _checkSync(true, MKR.totalSupply() * 24_000);
+    }
+
+    function testLessSkyInSync() public {
+        deal(address(SKY), address(sync), MKR.totalSupply() * 24_000 - 1234);
+        _checkSync(true, 1234);
+    }
+
+    function testMoreSkyInSync() public {
+        deal(address(SKY), address(sync), MKR.totalSupply() * 24_000 + 1234);
+        _checkSync(false, 1234);
+    }
+
+    function testExactSkyInSync() public {
+        deal(address(SKY), address(sync), MKR.totalSupply() * 24_000);
+        _checkSync(false, 0);
+    }
+
+    function testWindDown() public {
+        deal(address(SKY), address(sync), 1234);
+
+        vm.startPrank(PAUSE_PROXY);
+        SKY.burn(address(sync), SKY.balanceOf(address(sync)));
+        SKY.deny(address(sync)); // revoke mint allowance
+        vm.stopPrank();
+
+        assertEq(SKY.balanceOf(address(sync)), 0);
+        vm.expectRevert("Sky/not-authorized");
+        sync.sync();
+    }
+}