Daily Crypto Briefs 
NEW YORK, September 23, 2026
Galaxy Digital added $100 million of Sky Protocol’s sUSDS to its corporate treasury and approved the token as collateral for institutional loans Wednesday, expanding an existing onchain lending relationship as SKY trading volume rose.
The companies’ joint announcement also says Galaxy bought SKY, Sky’s governance token. It does not disclose how many SKY tokens Galaxy purchased, what it paid or when those trades occurred. The $100 million figure applies to the treasury’s sUSDS holding, not the SKY purchase.
SKY traded near $0.0690 at 22:01 UTC, up about 0.6% over 24 hours and 19.9% over seven days, according to CoinGecko’s market data. Its 24-hour range was roughly $0.0689 to $0.0759, with about $48.2 million in volume. The announcement and trading occurred on the same day, but the data alone do not show how much of the price move the partnership caused.
Galaxy lending head Max Bareiss said the firm had already used Sky infrastructure for onchain financing and that adding sUSDS to its treasury and loan collateral list would broaden clients’ access to onchain yield. That makes Wednesday’s development a change in Galaxy’s own balance sheet and collateral policy, rather than the start of its relationship with Sky.
Galaxy previously opened institutional stablecoin vaults through Morpho and Fireblocks. The Sky agreement adds a separate savings token that can serve both as a treasury asset and as pledged collateral, linking the firm’s lending business more directly to a protocol-governed yield rate.
Galaxy puts $100 million of sUSDS on its balance sheet
sUSDS represents a position in the Sky Savings Rate. Users supply USDS and receive sUSDS; the number of sUSDS tokens does not increase, but each token becomes redeemable for more USDS as the rate accrues, according to Sky’s explanation of the product. It is therefore different from the dollar-targeting USDS token and from SKY, which gives holders governance rights.
Galaxy and Sky described Galaxy as one of the first public companies to hold sUSDS on its balance sheet. The release did not provide the token count, custody arrangement, acquisition dates or accounting treatment for the $100 million position. Those details would matter in comparing the position with cash or conventional short-term investments.
Sky’s sUSDS page displayed a 3.60% annualized Sky Savings Rate when checked September 23. The protocol says governance can change that rate and that it is funded from aggregate protocol surplus. The displayed rate is a live variable rate, not a fixed return promised to Galaxy or its clients, and sUSDS carries smart-contract and other onchain risks.
Galaxy’s decision also differs from simply buying a yield token for its treasury. By approving sUSDS as loan collateral, it will let eligible institutional clients pledge the token against borrowing while, according to the announcement, continuing to accrue the Sky Savings Rate on the posted position. The company did not publish collateral haircuts, loan rates, supported jurisdictions or the amount clients have pledged.
Sky
SKYSky collateral enters Galaxy’s $1.4 billion loan book
Galaxy said its institutional trading operation has a $1.4 billion average loan book and more than 1,600 trading counterparties. Those are business-scale figures, not a forecast that all loans will use sUSDS. No uptake target or first customer transaction was announced.
The partnership sits on top of an existing $500 million warehouse lending facility from Grove, a Sky ecosystem Prime Agent, which uses USDS to finance Galaxy’s digital-asset-backed institutional loans. The release also describes Galaxy borrowing through Spark to support its GOFR lending product. Neither existing arrangement should be added to Wednesday’s $100 million treasury position as though all three were new purchases.
The collateral decision reflects a broader move to use onchain assets in credit markets. CoinShares and Token Terminal reported rising tokenized real-world-asset deposits in DeFi earlier this year, while Galaxy’s latest step concerns a protocol savings token that can remain yield-bearing when posted against a loan. Whether lenders treat that feature as valuable will depend on their terms and their assessment of Sky’s protocol risks.
SKY purchase size and lending terms remain undisclosed
Sky’s release says Galaxy purchased SKY alongside the sUSDS treasury addition, but gives no dollar amount, token quantity, lockup or voting plan. SKY is a governance asset with a market price; it is not the same claim as sUSDS. A rise in SKY trading therefore should not be read as a direct measure of Galaxy’s sUSDS yield or the value of its new collateral policy.
Sky said sUSDS supply reached $5.52 billion at the end of the second quarter, up 149% from a year earlier, and reported $107.35 million of gross revenue and a $33.29 million net surplus for that quarter. Those are protocol figures from the joint announcement, not Galaxy earnings. Earlier Maker and Sky vault activity illustrates that collateral levels and liquidation exposure can matter as much as the quoted yield in onchain credit.
The broader market remained upbeat on the day: Alternative.me’s Crypto Fear and Greed Index was 71, or “Greed,” for September 23. That sentiment reading describes the wider crypto market, not investor approval of this particular deal.
Fear & Greed Index
Sep. 23, 2026Galaxy and Sky have not disclosed the SKY purchase size, the treasury’s acquisition dates or the lending terms for clients pledging sUSDS. The next concrete evidence of the partnership’s reach would be those disclosures or reported client use of sUSDS collateral, rather than a change in the token’s quoted price alone.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Sky Frontier Foundation and Galaxy: September 23 partnership announcement |
| | Sky.money: sUSDS and Sky Savings Rate |
| | CoinGecko: SKY market data |
| | Alternative.me: Crypto Fear and Greed Index |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
How much sUSDS did Galaxy add to its treasury?
Galaxy said it added $100 million of sUSDS to its corporate treasury on September 23, 2026. The announcement did not give the number of tokens or the transaction dates.
Did Galaxy buy SKY tokens too?
Yes. The joint announcement says Galaxy bought SKY, the Sky Protocol governance token, but it did not disclose the quantity, purchase price or timing. The $100 million figure refers to sUSDS, not SKY.
Can Galaxy clients use sUSDS as loan collateral?
Galaxy said it has approved sUSDS as eligible collateral across its institutional trading business. Its announcement says clients who post sUSDS can continue accruing the variable Sky Savings Rate while a loan is outstanding. Specific haircuts, borrowing rates and eligibility terms were not published.
Is the $500 million Grove facility a new Galaxy purchase?
No. The release describes an existing $500 million warehouse lending facility through Grove, a Sky ecosystem Prime Agent. Galaxy's newly disclosed treasury addition is $100 million of sUSDS.