Galaxy Puts $100M of Sky's sUSDS on Its Balance Sheet, Approves It as Collateral

Galaxy Digital (GLXY) said Tuesday it has added $100 million of Sky Protocol's sUSDS — a yield-bearing stablecoin — to its corporate treasury, funded from its own balance sheet, and approved the token as collateral across its institutional trading business. The two firms announced the moves jointly, per The Block, which reported the details.

Galaxy Head of Lending Max Bareiss told The Block the purchase was funded from cash on hand, noting Galaxy held nearly $2.5 billion in cash and stablecoins as of June 30. Galaxy said it is "one of the first" public companies to hold sUSDS — a claim it did not further substantiate. It also bought an undisclosed amount of the SKY governance token.

Under the collateral change, clients can post sUSDS against loans through Galaxy while continuing to earn the Sky Savings Rate — sUSDS's variable yield — on the full position for the loan's duration. Galaxy said its institutional platform serves more than 1,600 trading counterparties and runs an average loan book of $1.4 billion.

The firms already had several lending arrangements. Grove, a Prime Agent in Sky's ecosystem, provides Galaxy a $500 million warehouse facility for institutional loans secured by digital assets, and anchored Galaxy's $75 million tokenized CLO on Avalanche with a $50 million allocation in January. Galaxy has also borrowed through Spark, a Sky capital allocator, to support its Galaxy Onchain Financing Rate, launched in July. The new arrangement is a tri-party structure the firms said ties financing more directly to that rate; they added they are discussing expanding the $500 million facility, without disclosing a target size.

Key facts

• $100M of sUSDS added to Galaxy's treasury, balance-sheet funded — Galaxy/Sky via The Block; Bareiss confirmed the funding source.
• Galaxy held ~$2.5B in cash and stablecoins as of June 30 — Bareiss, The Block.
• sUSDS approved as collateral; platform serves 1,600+ counterparties, ~$1.4B average loan book — Galaxy via The Block.
• sUSDS supply hit $5.52B at end of Q2, up 149% year-on-year — Sky.
• S&P Global assigned Sky Protocol a 'B-' credit rating last year — Feibus, The Block.

The real-world read

This is a genuine balance-sheet commitment, not a press-release flourish — but note who's talking. The bullish framing on institutional demand and underwriting comes from Feibus, speaking for Sky's side; the $5.52 billion supply and 149% growth figures are Sky's own numbers, unverified here. Both firms are interested parties: Galaxy now holds SKY tokens and sizeable sUSDS exposure, giving it a direct stake in the ecosystem it's endorsing. The "one of the first public companies to hold sUSDS" line is an unfalsifiable marketing claim. And the S&P 'B-' rating cited as validation is deep in speculative-grade territory — a fact worth keeping next to the growth story, not behind it.

Opinion, and whose

Feibus argued that using a yield-bearing dollar asset as collateral is "a natural extension" of traditional collateralized financing moving onchain, and that institutions can independently verify Sky's collateral and surplus revenue on-chain. That's a forecast about institutional adoption from a party with an interest in it, not an established trend.

Sources

• The Block (Tier 2, reputable secondary), 2026-09-23 — sole source; reported the announcement, Bareiss's funding confirmation, deal history, and Feibus's quotes. Sky's supply/growth figures and the collateral terms originate with the companies themselves.

This is news, not financial advice.