“We’re looking to be boring and liquid.”
At @Yield_Summit, @gregfeibus explains how Sky Protocol approaches liquidity and risk, and how protocol economics inform the governance-set Sky Savings Rate.
Watch the clip ↓
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The Sky Ecosystem Q3 Insights Call is coming soon.
If you have questions about Sky Protocol’s financial performance, capital allocation or outlook that you would like addressed, submit them ahead of the call.
Submissions close October 28 ↓
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From a tokenized CLO to a $500M warehouse facility.
On @MilkRoadDaily, @Game_Set_Max, Head of Lending at @galaxyhq, explains how closer collaboration with Sky Prime Agent @grovedotfinance laid the groundwork for the next transaction.
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Tokenized T-bills need more than a stable price to work as onchain collateral.
Sky Prime Agent @grovedotfinance’s Basin provides instant stablecoin liquidity for eligible tokenized T-bills, helping bridge Treasury settlement times and onchain liquidation needs.
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Sky Prime Agent @grovedotfinance is making its capital activity easier to follow.
Its new account, @grove_data, brings allocations, redemptions, deposits and withdrawals directly to your feed.
Follow for a closer view of Grove’s activity ↓
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USDS supply is back above $10B following a $237M increase over the past 24 hours.
The capital base of Sky Ecosystem is expanding.
“We just stood up a $500M warehouse facility that Grove originated as the Agent because they have a ton of structured credit expertise.”
@gregfeibus explains how Sky Prime Agent @grovedotfinance structured the facility with @GalaxyHQ.
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Galaxy Adds $100 Million in sUSDS to Corporate Treasury and Acquires SKY
Galaxy Digital has purchased $100 million of Sky Protocol’s yield-bearing stablecoin sUSDS using its own balance sheet and approved it as collateral across its institutional trading business, which has a $1.4 billion average loan book and serves more than 1,600 counterparties.
Clients can continue earning the Sky Savings Rate on their full sUSDS positions while using them as loan collateral. Galaxy also acquired an undisclosed amount of SKY, while the two firms are discussing an expansion of their existing $500 million warehouse facility.
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Galaxy bought $100M of sUSDS and approved it as collateral across our institutional lending book. It's the latest step in a deepening relationship with @SkyEcosystem — from Grove's $500M warehouse facility to Spark-backed financing for GOFR.
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Grove Basin JTRSY now holds $50M in stablecoin liquidity.
Larger redemptions can now clear in a single transaction.
Available to JTRSY holders on @centrifuge.
Basin is filling.
Tap in.
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Grove and Galaxy have built a $500M warehouse lending facility on Sky Protocol.
@grovedotfinance provides USDS liquidity for @galaxyhq to originate and service institutional loans secured by digital assets.
Here is how the structure works and what it makes possible ↓
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Galaxy deposits $100M of @SkyEcosystem's sUSDS into treasury and approves it as loan collateral, allowing clients to earn Sky's 3.6% savings rate while pledging assets to the $1.4B lending platform.
Read more here:
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Sky Ecosystem and @galaxyhq are expanding institutional use of sUSDS.
Galaxy now holds $100M in sUSDS and has made it eligible collateral across its institutional business, serving 1,600+ counterparties with a $1.4B average loan book.
What this opens ↓
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Galaxy has added $100M of sUSDS to its corporate treasury and approved it as eligible collateral across its institutional trading business.
Here is what it means ↓
Excited to deepen @galaxyhq's relationship with Sky Protocol. A few things this partnership unlocks for our clients:
- Expanded warehouse credit from Sky, giving our institutional platform more room to grow.
- New tri-party borrowing structure tied to Galaxy's Onchain Financing Rate with exposure to more diversified funding and efficient financing for our clients.
- Continued build-out of the onchain financing infrastructure our 1,600+ trading counterparties rely on.
@SkyEcosystem has been a trusted partner as we've scaled our onchain lending business. Glad to be building the next chapter of that relationship together.
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Publicly listed companies putting yield-generating stablecoins on their balance sheet
Love to see it and I expect this to be an incoming trend too
As more companies hold/use stablecoins, it only makes sense that they put some % of that into a version that generates yield
The friction to do so is much lower than in tradfi
Stablecoins are about to eat the world
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EXCLUSIVE: Galaxy adds $100 million in Sky's sUSDS to treasury, buys SKY token as firms deepen lending ties
Galaxy has added $100M of sUSDS to its corporate treasury and approved it as eligible collateral across its institutional trading business.
Here is what it means ↓
The $500M warehouse facility built by Sky Prime Agent @grovedotfinance with @GalaxyHQ is now 75% utilized.
Since its July launch, the facility has financed $375M in overcollateralized loans, including a new $71M loan.
USDS liquidity at work in institutional credit ↓
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The first SKY burn is complete.
2.86M SKY, purchased on the open market using 5% of monthly Net Protocol Surplus, has been permanently removed from circulation.
The link between protocol performance and reductions in SKY supply is now active.
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