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Sky Protocol posts over $100M in quarterly revenue as sUSDS supply jumps
Gross protocol revenue rose to $107.3 million for the quarter ended June 30, while sUSDS supply increased 149% to $5.52 billion.
Sky Protocol generated more than $100 million in quarterly revenue for the second straight period, as demand for its collateral and savings token expanded alongside institutional allocations, according to Yahoo Finance.
For the three months ended June 30, gross protocol revenue rose to $107.35 million, up 10.5% from $97.15 million a year earlier. Net protocol revenue increased 25.1% to $40.09 million, and the net revenue margin widened to 37.3% from 33.0%, with a $33.29 million net protocol surplus.
The protocol said it added $29.87 million to Sky Reserves, bringing the reserve balance to $82.40 million versus a $150 million solvency target. Collateral in the form of sUSDS grew sharply, with rate-bearing stablecoin supply reaching $5.52 billion, up 149% from $2.22 billion a year earlier, and cumulative Sky Savings Rate distributions crossing $250 million.
Sky also reported collateral balances and staking growth, including a total SKY staked amount of 17.08 billion tokens, or 73.3% of circulating supply. The quarter included a $3.41 million token repurchase of 51 million SKY tokens and ongoing expansion of sUSDS adoption across partners and networks.