Quarterly revenue hit $107.35 million, driven by 149% growth in rate-bearing stablecoin supply and institutional allocations.
Sky Protocol reported $107.35 million in gross revenue for the quarter ended June 30, marking a 10.5% increase from $97.15 million a year earlier. Net revenue rose 25.1% to $40.09 million, with a net revenue margin of 37.3%, up from 33.0%. The protocol generated a $33.29 million surplus, extending its positive run to five quarters.
Collateral reached $12.32 billion, up 45.5% year-over-year, while protocol obligations stood at $12.22 billion. Institutional allocations, including $2.58 billion from Janus Henderson, BlackRock’s BUIDL fund, and others, drove growth. Supply of the rate-bearing stablecoin sUSDS surged 149% to $5.52 billion, with total USDS supply closing at $10.04 billion.
Sky Reserves increased by $29.87 million, bringing the balance to $82.40 million against a $150 million solvency target. Cumulative Sky Savings Rate distributions surpassed $250 million.