Sky Protocol Tops $100M Revenue Again as sUSDS Supply Jumps 149%

Sky Protocol (CRYPTO: $SKY) generated more than $100 million in quarterly revenue for the second straight period as collateral, savings-token demand and institutional allocations continued to expand across the ecosystem.

Gross protocol revenue reached $107.35 million during the three months ended June 30, up 10.5% from $97.15 million a year earlier. Net protocol revenue rose 25.1% to $40.09 million, while the net revenue margin widened to 37.3% from 33.0%.

The quarter also produced a $33.29 million net protocol surplus, extending Sky's run of positive surplus to five consecutive quarters. The protocol added $29.87 million to Sky Reserves, bringing the reserve balance to $82.40 million against a $150 million solvency target.

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Collateral closed the period at $12.32 billion, up 45.5% year-over-year, compared with $12.22 billion in protocol obligations. Prime Agent Vaults accounted for $6.84 billion, including roughly $2.58 billion allocated across Janus Henderson, BlackRock's (NYSE: $BLK) BUIDL fund, Anchorage, PayPal (NASDAQ: $PYPL), Securitize (NYSE: $SECZ) and Galaxy (NASDAQ: $GLXY).

Growth in sUSDS added another layer to the quarter. Supply of the rate-bearing stablecoin reached $5.52 billion, up 149% from $2.22 billion a year earlier, while cumulative Sky Savings Rate distributions crossed $250 million. Total USDS supply ended June at $10.04 billion after climbing above $11.8 billion in early April.

Distribution widened alongside the balance sheet. Binance completed its migration from DAI to USDS, Revolut added SKY across the European Economic Area and Spark launched a stablecoin foreign-exchange layer on Uniswap v4 with $150 million in initial liquidity.

Total SKY staked rose to 17.08 billion, or 73.3% of circulating supply. Sky also used $3.41 million to repurchase 51 million tokens during the quarter.

With annualized gross revenue running at $429.4 million, Sky enters the second half with a larger stablecoin base and deeper institutional exposure across its growing collateral network.

Sky (CRYPTO: SKY) is currently trading at $0.061 U.S. per digital token.

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