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Galaxy Digital adds $100 million in Sky's sUSDS to corporate reserves
Galaxy Digital has invested $100 million of its own funds in Sky Protocol's yield-bearing sUSDS stablecoin and added the asset to its corporate reserves. The company has also approved sUSDS as collateral for institutional clients and acquired an undisclosed amount of SKY tokens.
The purchase was funded directly from Galaxy's balance sheet. According to Max Bareiss, head of lending, the company held nearly $2.5 billion in cash and stablecoins as of June 30.
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Galaxy said it has become one of the first publicly traded companies to include sUSDS in its corporate reserves. According to Sky, the token's supply reached $5.52 billion at the end of the second quarter, up 149% year over year.
Galaxy approves sUSDS as collateral
The integration extends to Galaxy's institutional trading business, which has an average loan book of $1.4 billion. The platform serves more than 1,600 trading counterparties.
Clients can now use sUSDS as collateral for Galaxy loans while continuing to earn the Sky Savings Rate on the full amount of their position throughout the loan term. This allows the collateral to continue generating yield even while being used to secure financing.
Sky Frontier Foundation representative Greg Fiebus said the model resembles traditional financial markets, where Treasury securities and other yield-bearing assets are widely used as collateral. According to him, institutional interest in the Sky ecosystem has increased since S&P Global assigned the protocol a B- credit rating.
In addition to sUSDS, Galaxy acquired an undisclosed amount of SKY tokens. The protocol's team described the investment as part of a broader integration between the two companies in treasury management and lending.
Sky and Galaxy expand onchain lending
The companies are already working together in several areas. Grove, which operates within the Sky ecosystem, provided Galaxy with a $500 million credit facility for institutional loans backed by digital assets.
In January, Grove also allocated $50 million to Galaxy's $75 million tokenized CLO issued on Avalanche. Galaxy has also raised financing through Spark to support its Galaxy Onchain Financing Rate product.
Meanwhile, Galaxy is expanding its institutional crypto services with BNY. The companies launched a staking service that allows eligible clients to earn rewards on crypto assets without moving them out of BNY's custody.
Earlier, we reported that Galaxy Digital launched an initiative to prepare Bitcoin for potential threats from quantum computers. The company committed up to $5 million in grants to developers working on quantum-resistant cryptography.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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