Sky’s total stablecoin supply reached $9.70 billion on September 30, 2026, up 27.6% from a year earlier, according to the September financial and operational update that the Sky Frontier Foundation published on October 23. The same update says Galaxy has added $100 million of sUSDS, Sky’s savings token, to its balance sheet and now accepts it as collateral for institutional loans.
The figures are reported by the issuer’s foundation. They are monthly operating data, not an independent reserve attestation.
The September numbers
| Measure | September 30, 2026 | Change stated by Sky |
|---|---|---|
| Total stablecoin supply | $9.70 billion | +27.6% year on year |
| Protocol collateral | $11.41 billion | +25.3% year on year |
| Gross protocol revenue (month) | $30.80 million | +49.7% on September 2025 |
| Net protocol revenue (month) | $12.32 million | -$5.41 million a year earlier |
| Remitted to Sky Reserves (month) | $7.15 million | -$17.26 million a year earlier |
| Sky Reserves | $85.08 million | target $150 million |
Supply rose from $9.53 billion at the end of August, the figure given in Sky’s August update.
The jump in net revenue needs a caveat that Sky itself gives: September 2025 included $14.40 million of legacy operating expenses that are now largely inactive, so the two months are not on the same expense base.
The reserve line matters for holders. Sky Reserves stood at $85.08 million at month-end against a $150 million Solvency Reserve target, or about 57% of the goal by our calculation. More of September’s revenue also went to SKY token holders before the rest reached the reserve: the allocation for SKY buybacks and USDS paid to SKY stakers rose to $5.08 million from $2.48 million in August.
sUSDS becomes loan collateral at Galaxy
Galaxy approved sUSDS as eligible collateral across its institutional lending business, which the update describes as carrying an average loan book of $1.4 billion and serving more than 1,600 trading counterparties. Clients who post sUSDS keep earning the Sky Savings Rate on the full position for the life of the loan.
A separate arrangement already lends Sky’s dollar token out. Grove, a Sky Agent, supplies USDS under a governance-approved mandate to a $500 million warehouse facility through which Galaxy originates and services loans. Since July 15 the facility has financed $375 million of senior secured, overcollateralized loans, the latest for $71 million, all secured by bitcoin and ether held with Anchorage Digital and BitGo. That is 75% utilization.
Where USDS moves between stablecoins
Spark, another Sky Agent, runs what it calls a Stablecoin FX Layer, using USDS as a shared liquidity base between PYUSD, USDT, RLUSD and USDC. Sky says the layer has processed more than $12 billion in cumulative volume since June 25, and that the RLUSD/USDS pool passed $1 billion in activity less than a month after launch, at about $40 million a day. USDS borrowing on SparkLend exceeded $800 million, an all-time high, after a 64% rise in 30 days.
Our explainer on stablecoin FX covers how currency and token conversions settle onchain, and current savings rates published by platforms are tracked on the stablecoin yields page.
