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Galaxy adds $100M sUSDS to treasury and approves it as collateral
Galaxy says sUSDS keeps accruing the Sky Savings Rate while pledged, but it disclosed no sUSDS-backed client loan volume or completed loan figures.
Galaxy Digital has added $100 million of sUSDS, Sky Protocol's yield-bearing savings token, to its corporate treasury and approved it as collateral for institutional clients, the companies said Sept. 23, with Galaxy and Sky describing the treasury position as complete.
Under the arrangement, clients who post sUSDS against a loan keep accruing the Sky Savings Rate on the full position while the loan runs. Sky says the rate is set through governance, is funded from aggregate protocol surplus, and that token holders keep the same number of sUSDS as the amount redeemable for each token increases as it accrues, with the savings rate subject to change.
The announcement did not provide a figure for how much sUSDS-backed lending is in place, nor did it disclose any first completed loan. It also leaves open how much collateral clients might eventually post, meaning actual institutional uptake remains undisclosed.
The companies said their relationship already includes credit financing via Grove, a Sky ecosystem agent, where Grove in July announced a $500 million warehouse facility that supplies capital for institutional loans Galaxy originates. For that facility, collateral is limited to Bitcoin and Ethereum, including staked forms of Ethereum, and Sky’s Sept. 17 update said Sky agents held about $304 million with Galaxy as of Sept. 1.
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