Sky Protocol posts $107.35m quarterly revenue as stablecoin supply surges
Net surplus extends to five quarters as total collateral climbs to $12.32 billion and Binance completes migration to USDS
Sky Protocol has reported gross quarterly revenue of $107.35 million for the period ending June 30, marking the second consecutive quarter in which the entity has exceeded the $100 million threshold. This represents a 10.5 per cent increase from the $97.15 million recorded in the same period last year, according to data released by the protocol.
Net protocol revenue rose 25.1 per cent to $40.09 million, with the net revenue margin widening to 37.3 per cent from 33.0 per cent a year earlier. The quarter also delivered a net surplus of $33.29 million, extending Sky’s run of positive surplus to five consecutive quarters. The protocol added $29.87 million to its reserves, bringing the total balance to $82.40 million against a stated solvency target of $150 million.
Collateral holdings closed the period at $12.32 billion, up 45.5 per cent year-on-year, exceeding protocol obligations of $12.22 billion. Institutional allocations played a significant role in this growth, with Prime Agent Vaults accounting for $6.84 billion. This figure includes approximately $2.58 billion allocated across several major financial entities, including BlackRock’s BUIDL fund, Janus Henderson, Anchorage, PayPal, Securitize, and Galaxy.
The supply of the rate-bearing stablecoin sUSDS surged 149 per cent year-on-year to $5.52 billion, up from $2.22 billion a year earlier. Cumulative distributions under the Sky Savings Rate crossed the $250 million mark. Total USDS supply ended June at $10.04 billion, having previously climbed above $11.8 billion in early April 2026.
Distribution of the protocol’s assets widened alongside its balance sheet expansion. Binance completed its migration from DAI to USDS, while Revolut added SKY across the European Economic Area. Additionally, Spark launched a stablecoin foreign-exchange layer on Uniswap v4 with $150 million in initial liquidity. Total SKY staked rose to 17.08 billion tokens, representing 73.3 per cent of the circulating supply, as the protocol repurchased 51 million tokens for $3.41 million during the quarter.
With annualised gross revenue running at $429.4 million, Sky enters the second half of the year with a larger stablecoin base and deeper institutional exposure. The SKY token was trading at $0.061 US dollars at the time of reporting.
