Sky Reports $30.8M Revenue as Galaxy Adds $100M in sUSDS Position

The Sky Frontier Foundation’s latest financial report highlights a significant shift in protocol health, with net revenue reaching $12.32 million compared to a $5.41 million loss during the same period last year. Total stablecoin supply climbed to $9.70 billion, backed by $11.41 billion in protocol collateral. Under the newly activated Stage 2 capital allocation framework, the protocol remitted $7.15 million to Sky Reserves, which now hold $85.08 million toward a $150 million solvency target.

Institutional engagement remains a primary growth driver. The $500 million warehouse facility managed by Grove and Galaxy has reached 75% utilization, financing $375 million in loans secured by Bitcoin and Ethereum. Galaxy, a Nasdaq-listed firm, has positioned sUSDS as a core asset, allowing clients to pledge the token as collateral while maintaining eligibility for Sky Savings Rate yields. Beyond direct lending, the ecosystem’s Stablecoin FX Layer has processed $12 billion in volume since June, while USDS borrowing on SparkLend surpassed $800 million following a 64% monthly surge.