Galaxy Digital Added $100 Million in sUSDS to Treasury
The firm integrated Sky Protocol's stablecoin into its corporate balance sheet and institutional trading operations.
Updated on Sept. 23, 2026 in Business Strategy
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Galaxy Digital has allocated $100 million of sUSDS to its corporate treasury and approved the asset as collateral for institutional trading. The move aims to diversify funding sources and leverage the yield-generating capabilities of the Sky Protocol.
Why it matters
By adopting sUSDS, Galaxy Digital seeks to bridge traditional institutional finance with decentralized protocol revenue. The strategy allows clients to use the asset as loan collateral while simultaneously earning the Sky Savings Rate on their holdings.
Galaxy Digital held $2.5 billion in cash and stablecoins as of June 30, while the total supply of sUSDS reached $5.52 billion at the end of the second quarter. The firm also serves more than 1,600 institutional trading counterparties with an average loan book of $1.4 billion.
The players
Galaxy Digital
This is a diversified financial services and investment management firm in the digital asset, cryptocurrency, and blockchain technology sectors.
Sky Protocol
This is a decentralized finance platform formerly known as MakerDAO that operates a stablecoin and savings protocol.
Grove
This is a financial firm that provides warehouse credit facilities and investment capital to institutional digital asset platforms.
S&P Global
This is a publicly traded corporation that provides financial information, analytics, and credit ratings for global markets.
The details
Galaxy Digital also acquired an undisclosed amount of SKY tokens as part of its broader engagement with the protocol. This initiative aligns with the launch of the Galaxy Onchain Financing Rate, which the firm utilizes to tie financing activity directly to on-chain yields.
Timeline
June 30: Galaxy Digital held $2.5 billion in cash and stablecoins.
End of the second quarter: Total sUSDS supply reached $5.52 billion.
July: Galaxy launched the Galaxy Onchain Financing Rate.
Last year: S&P Global assigned Sky Protocol a 'B-' credit rating.
January: Grove anchored Galaxy's $75 million tokenized CLO.
Market Landscape
This move reflects the growing integration of decentralized finance protocols into the operational liquidity management of major digital asset institutions. By utilizing sUSDS as collateral, Galaxy Digital is positioning itself to capitalize on protocol-generated yields while deepening its institutional ecosystem.
Institutional clients using the Galaxy Digital platform gain the ability to utilize sUSDS as collateral while maintaining yield-earning potential on their positions. This integration may influence how other institutional firms approach stablecoin-based financing and treasury management.
The takeaway
The move demonstrates a shift toward integrating high-yield, on-chain assets directly into corporate treasury operations. Institutional investors may monitor these integration efforts as a benchmark for incorporating decentralized finance into broader professional trading strategies.
Further reading
For additional context on corporate trends in the digital asset space, visit the Business Strategy section.
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Do you trust financial firms using yield-generating stablecoins as collateral for institutional loans?
