Galaxy Digital Adds $100 Million of Sky's sUSDS to Corporate Treasury

Galaxy Digital has placed $100 million of sUSDS, Sky Protocol's yield-bearing savings token, into its corporate treasury, putting balance-sheet capital behind one of DeFi's largest savings products.

The Nasdaq-listed digital-asset firm has also approved sUSDS as eligible collateral across its institutional trading business, which serves more than 1,600 counterparties. According to the announcement, Galaxy funded the position from its own balance sheet and separately acquired an undisclosed amount of $SKY, the governance token of Sky Protocol.

sUSDS functions as a savings version of USDS, the stablecoin issued by Sky Protocol — the onchain finance system that emerged from MakerDAO's 2024 rebrand — and accrues the Sky Savings Rate for holders, a yield set through Sky's onchain governance. The allocation moves the token beyond crypto-native savings and into the treasury operations of a publicly traded company, a step that carries weight for both the protocol and the broader institutional adoption of onchain yield.

sUSDS Cleared as Institutional Collateral

Under the arrangement, Galaxy clients can post sUSDS against loans while continuing to earn the Sky Savings Rate on the full amount for the duration of the loan. Rather than choosing between earning yield and deploying an asset as collateral, institutional clients can do both at once.

Galaxy's lending business carries an average loan book of roughly $1.4 billion, giving the integration meaningful scale across its financing operations.

“Adding sUSDS to our treasury and deepening our GOFR financing through Sky gives our clients more efficient access to onchain yield, backed by a savings rate we trust with our own balance sheet,” said Max Bareiss, Galaxy's head of lending.

The Relationship Runs Deeper Than $100 Million

The treasury allocation builds on an existing financing relationship between Galaxy and the Sky ecosystem. Grove, a Prime Agent within the ecosystem, already provides Galaxy with a $500 million warehouse lending facility. Grove commits USDS capital through a dedicated vehicle that finances institutional loans originated by Galaxy and secured by digital assets.

Greg Feibus, global head of capital markets at the Sky Frontier Foundation, said the partnership demonstrates how onchain savings can move into mainstream finance.

“Sky was built so the same savings rate can be made available to anyone, from an individual saver to a Nasdaq-listed balance sheet. It's a blueprint for how the traditional financial system connects to onchain capital, built with a partner willing to put its own capital first,” Feibus said.

High-Profile Institutional Validation for Sky

The timing strengthens Sky's standing with corporate treasuries and asset managers. sUSDS supply reached $5.52 billion at the end of Q2, up 149% over the previous year — a balance that sits fully onchain and can be verified in real time by anyone, rather than through periodic issuer reporting. Sky has also reported five consecutive profitable quarters, including $107.35 million in gross revenue and a $33.29 million net surplus in Q2 2026.

The announcement gave $SKY an immediate lift. The token jumped to $0.0757 following the news, posting double-digit gains before easing toward $0.0745 at the time of writing. It remained 7.5% higher over the past 24 hours, with its seven-day gain at 16.9%.

For the crypto market, the development extends beyond a single token purchase. Galaxy is using a DeFi savings asset as treasury capital, loan collateral, and part of its institutional financing stack, embedding onchain yield directly into the balance-sheet operations of a public company.