Sky reports $30.8M revenue as Galaxy adds $100M sUSDS and burns begin

Sky has reported $30.8 million in September gross revenue and its first 2.86 million SKY token burn, alongside Galaxy’s $100 million sUSDS treasury allocation. Sky’s September gross revenue reached $30.8 million, up 49.7% from a year earlier. Galaxy allocated $100 million to sUSDS and approved the token as institutional loan collateral. Sky completed its first Stage 2 burn, permanently removing 2.86 million SKY from circulation. Grove and Galaxy’s $500 million credit facility reached 75% utilization, financing $375 million in loans. Sky Frontier Foundation’s September financial and operational update put total stablecoin supply at $9.70 billion and protocol collateral at $11.41 billion as of Sep. 30. Published on Oct.

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