Galaxy Digital adds $100 million in sUSDS to its treasury and approves the token as collateral for institutional loans.
28 minutes ago
Galaxy Digital announced it has added $100 million worth of Sky Protocol’s yield-bearing stablecoin sUSDS to its corporate treasury and approved the asset as collateral for its institutional trading business. Max Bareiss, Galaxy’s head of lending, noted the purchase was funded by the firm’s own balance sheet capital. As of June 30, Galaxy held nearly $2.5 billion in cash and stablecoins. As part of the partnership, Galaxy also acquired an undisclosed quantity of SKY tokens. Clients can now borrow funds via Galaxy by staking sUSDS, while continuing to earn Sky’s savings rates during the loan period. Galaxy’s institutional platform serves over 1,600 counterparties, with an average loan book of $1.4 billion. Sky reported that sUSDS supply hit $5.52 billion at the end of Q2, marking a 149% year-over-year increase. The two parties already have prior arrangements including a $500 million warehouse financing facility provided by Grove, and are currently discussing expanding that facility’s limit.
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