Galaxy Digital invests $100M in sUSDS, expands Sky Protocol partnership
7.3 Investments Galaxy Digital invested $100M in sUSDS, added it to its treasury, and approved it as loan collateral. Clients can use sUSDS for loans while earning yield. Galaxy also acquired SKY tokens.
Galaxy Digital has invested $100 million in Sky Protocol’s yield-bearing stablecoin, sUSDS, adding it to its corporate treasury. The purchase was funded directly from Galaxy’s balance sheet, reflecting a significant commitment to the asset. Additionally, Galaxy Digital has approved sUSDS as collateral for its institutional trading business, which serves over 1,600 counterparties and manages an average loan book of $1.4 billion. This allows clients to use sUSDS as collateral for loans while continuing to earn the Sky Savings Rate on their holdings. As part of the partnership, Galaxy also acquired an undisclosed amount of SKY tokens, further strengthening its relationship with Sky Protocol. The move is supported by a $500 million facility from Grove to supply USDS for loan origination. The circulating supply of sUSDS has surged, reaching $5.52 billion by the end of Q2, underscoring Galaxy’s ongoing expansion in DeFi and the growing institutional adoption of Sky Protocol’s ecosystem.
