Galaxy adds sUSDS to its corporate treasury and approves it as institutional loan collateral
Key takeaways
- Galaxy has added $100 million of sUSDS to its corporate treasury, making it one of the first public companies to hold sUSDS on its balance sheet.
- Galaxy has approved sUSDS as eligible collateral across its institutional trading business, which carries a $1.4 billion average loan book.
- Clients who post sUSDS against a loan continue accruing the Sky Savings Rate on the full position for as long as the loan runs.
- The relationship began with a $500 million warehouse lending facility provided by Grove. Galaxy has since borrowed on Spark to support the Galaxy Onchain Financing Rate, or GOFR.
- Galaxy has also purchased SKY.
Expanding the institutional use of sUSDS
Sky Protocol and Galaxy Digital (Nasdaq: GLXY) have announced a collaboration spanning lending and capital markets.
The collaboration deepens Galaxy’s use of sUSDS, the native savings token accessible through Sky Protocol, while expanding the onchain credit available to Galaxy’s institutional platform, which serves more than 1,600 total trading counterparties.
Galaxy has added $100 million of sUSDS to its corporate treasury and approved sUSDS as eligible collateral across its institutional trading business, which carries a $1.4 billion average loan book. Clients who post sUSDS against a loan continue accruing the Sky Savings Rate on the full position for as long as the loan runs.
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Deepening an existing onchain credit relationship
Galaxy’s relationship with Sky Ecosystem began with Grove, a Prime Agent and institutional-grade credit infrastructure protocol.
Grove provides Galaxy with a $500 million warehouse lending facility. As the warehouse lender, Grove commits USDS capital through a dedicated lending vehicle to finance Galaxy’s origination of institutional loans secured by digital assets.
Galaxy has since borrowed on Spark, a second Prime Agent, to support GOFR. This expands the onchain financing available to Galaxy’s institutional clients, ties it to Galaxy’s own onchain rate and diversifies the funding sources supporting the product.
Connecting institutional markets to onchain capital
For Galaxy, the partnership is a strategic entry point into a significant pool of onchain capital.
Sky Protocol entered Q3 2026 with $5.41 billion supplied through independent allocators and into institutional tokenized funds, including anchor positions in BlackRock’s BUIDL and Janus Henderson’s JTRSY. The partnership connects Galaxy’s offerings directly to this network.
The collaboration also addresses a longstanding barrier to institutional participation in onchain yield. Corporate treasuries, funds and allocators have approached decentralized savings products cautiously, typically waiting for a regulated counterparty to establish precedent. A partnership with a firm of Galaxy’s size and credibility adds further validation as Sky Protocol continues to strengthen its reserves and security and earn the trust of institutions.
Built on continued protocol growth
The collaboration follows a period of growth for Sky Protocol. At the end of Q2 2026, sUSDS supply reached $5.52 billion, up 149% over the preceding year. Sky Protocol also recorded its fifth consecutive profitable quarter, generating $107.35 million in gross revenue and a $33.29 million net surplus during Q2.
The timing reflects broader market momentum. Tokenized savings and real-world assets rank among the fastest-growing sources of institutional collateral. The value of onchain real-world assets, excluding stablecoins, surpassed $33 billion in July 2026, roughly four times its level in early 2025.
The integration moves tokenized assets into mainstream institutional finance, allowing firms to accrue a savings rate on capital while using that capital to back loans and trades entirely onchain.
About Sky Ecosystem
Sky Ecosystem is a global capital allocation protocol powering the Sky Savings Rate, a resilient governance-set stablecoin yield backed by diversified institutional-grade collateral.
The Sky Agent Network is an independent network of capital allocators that compete to access USDS liquidity under governance-set risk parameters and deploy it across diversified yield strategies. Returns from these deployments contribute to Sky Protocol revenue, from which Sky Governance sets the Sky Savings Rate, accessible through sUSDS, the world’s largest yield-generating stablecoin.
Learn more at skyeco.com.
About Galaxy Digital
Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, growing the economy that runs on code.
Galaxy delivers the onchain infrastructure that connects institutions to digital assets, including trading, advisory, asset management, staking, self-custody and tokenization. Galaxy also develops and operates data center infrastructure to power AI and high-performance computing workloads.
Anchored by its Helios campus in Texas, Galaxy is building a multi-gigawatt pipeline of more than 5.7 GW of potential capacity, positioning it among the largest and fastest-growing data center developers in North America.
Galaxy is headquartered in New York City, with offices across North America, Europe, the Middle East and Asia.
Learn more at galaxy.com.