Key Takeaways:
- Gross protocol revenue hit $107.35M, up 10.5% year-over-year.
- sUSDS supply expanded 149% to $5.52B, the largest rate-bearing stablecoin.
- Protocol collateral climbed 45.5% to $12.32B with no exploit losses.
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Sky Protocol revenue tops $107M as sUSDS supply surges 149%
Sky Protocol generated $107.35M in Q2 gross revenue, up 10.5% year-over-year, as sUSDS supply surged 149% to $5.52B.
"Sky Protocol delivered its second straight quarter above $100M in gross revenue, driven by strong collateral growth and sUSDS adoption," the Sky Frontier Foundation said in its Q2 2026 quarterly report published July 23.
Protocol collateral reached $12.32B, up 45.5% from $8.47B a year earlier, against $12.22B in obligations. Net protocol revenue expanded 25.1% to $40.09M, with the net revenue margin widening to 37.3% from 33%. The protocol posted its fifth consecutive quarterly surplus at $33.29M and remitted $29.87M to Sky Reserves, bringing the reserve to $82.40M against a $150M solvency target.
The results validate Sky Protocol's risk controls after the protocol operated without interruption during April's $292M Kelp DAO rsETH bridge exploit. Annualized gross revenue run-rate now stands at $429.4M based on Q2 monthly settlement cycles, with the protocol targeting continued reserve accumulation through its calibrated 3.6% Sky Savings Rate.
Sky Protocol, the decentralized lending platform formerly known as MakerDAO, operates on Ethereum. Its yield-bearing token sUSDS maintained its position as the largest rate-bearing stablecoin by supply, with cumulative Sky Savings Rate distributions to holders crossing $250M on June 29. Total USDS supply stood at $10.04B at quarter end after peaking above $11.8B in early April, following the mid-quarter rate reduction from 3.75% to 3.6%.
Prime Agent Vaults totaled $6.84B, approximately 55% of total protocol collateral, with $2.58B allocated across six institutional counterparties including Janus Henderson ($1.24B), BlackRock BUIDL ($713M), Anchorage ($260M), PayPal ($237M), Securitize ($102M), and Galaxy ($27M). All allocations are visible in real time on the Sky Protocol Financial Dashboard, which launched May 6.
Distribution expanded during the quarter. Binance completed its upgrade from DAI to USDS with automatic one-to-one conversion of user balances, and sUSDS became accessible through Binance Wallet. SKY token became available on Revolut across the European Economic Area on April 30. Spark launched the Stablecoin FX Layer on Uniswap v4 on June 25, seeding $150M in initial liquidity and processing over $70M in volume in its first three days.
Total SKY staked grew to 17.08B at quarter end, or 73.3% of circulating supply, up from 69.8% at the close of Q1. The protocol deployed $3.41M in USDS to open-market SKY buybacks during Q2, acquiring 51M SKY at an average price of $0.067, bringing cumulative program deployments past $121M since inception in February 2025.
On April 24, Sky Frontier Foundation introduced Laniakea, an infrastructure framework designed to standardize how institutional capital deploys through Sky Protocol across smart contracts, risk and governance, data infrastructure, and legal and compliance. The framework aims to onboard institutional partners in weeks rather than months, targeting the more than $300B in stablecoin capital not currently earning any yield.
This article is for informational purposes only and does not constitute investment advice.
[1] Sky Protocol Surpasses $100M Revenue Again as sUSDS Adoption Explodes 149%[2] Sky Protocol Achieves 2nd Straight Quarter with Over $100M in Revenue[3] SkyWest, Inc. (SKYW) Q2 2026 Earnings Call Transcript[4] SkyWest projects 2026 GAAP EPS in the $11 area while outlining $700M CapEx[5] SkyWest: Q2 Earnings Snapshot
