Galaxy Digital (NASDAQ: GLXY) has placed $100 million of Sky Protocol’s yield-bearing savings token, sUSDS, onto its corporate balance sheet and opened the asset as eligible collateral across its institutional trading and lending platform.
The allocation was funded from Galaxy’s own cash and stablecoin reserves, which totaled nearly $2.5 billion as of June 30.
The firm described itself as one of the first publicly listed companies to hold sUSDS as a treasury asset.
sUSDS is Sky’s native savings instrument.
Holders earn the Sky Savings Rate, a variable yield set by protocol governance and funded by surplus revenue from the Sky Agent Network.
Under the new arrangement, Galaxy clients can pledge sUSDS against loans and continue receiving that rate on the full position for the life of the loan.
The approval applies to Galaxy’s institutional business, which serves more than 1,600 counterparties and carries an average loan book of about $1.4 billion.
The treasury purchase and collateral listing sit inside a broader lending relationship that has been building for some time.
Grove, a Prime Agent in the Sky ecosystem, already provides Galaxy with a $500 million warehouse facility that uses ...