Galaxy Digital · The Block
Galaxy publishes $100 million in Sky’s sUSDS to treasury, picks up SKY token as firms deepen lending ties
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Galaxy Digital (GLXY) has added $100 million of Sky Protocol's sUSDS to its corporate treasury and approved the yield-generating stablecoin as collateral across its institutional trading business, the companies announced Tuesday.
Key facts
- Grove previously anchored Galaxy's $75 million tokenized CLO on Avalanche with a $50 million allocation in January
- Galaxy funded the sUSDS purchase from its own balance sheet, Head of Lending Max Bareiss told The Block, adding that the company held nearly $2.5 billion in cash and stablecoins as of June 30
- Sky said sUSDS supply reached $5.52 billion at the end of the second quarter, up 149% from a year earlier
- Galaxy Digital (GLXY) has added $100 million of Sky Protocol's sUSDS to its corporate treasury and approved the yield-generating stablecoin as collateral across its institutional trading business
Summary
Galaxy funded the sUSDS purchase from its own balance sheet, Head of Lending Max Bareiss told The Block, adding that the company held nearly $2.5 billion in cash and stablecoins as of June 30. Galaxy has also acquired an undisclosed amount of SKY (SKY) tokens as part of the relationship, according to Sky Frontier Foundation Global Head of Capital Markets Greg Feibus. Clients can now post sUSDS against loans through Galaxy while continuing to earn the Sky Savings Rate, the variable interest rate that sUSDS accrues, on the full position for the duration of the loan. Feibus told The Block that institutional interest in Sky's ecosystem has picked up since S&P Global assigned Sky Protocol a 'B-' credit rating last year.