Institutional Use of Sky Protocol Deepens in Q3 as Net Revenue Rises 11.8% and Galaxy Adds $100M of sUSDS to Its Balance Sheet

Sky Frontier Foundation released the Sky Ecosystem Q3 2026 Quarterly Report, highlighting a landmark quarter defined by accelerating institutional adoption, a wider Net Revenue margin, and reinforced Sky Reserves. In Q3, Galaxy Digital incorporated $100M of sUSDS onto its corporate balance sheet and approved the asset as eligible collateral across its institutional lending operation. Net Revenue was positive for the sixth consecutive quarter, reaching $37.19M, an 11.8% increase quarter-over-quarter, and the Net Revenue margin widened from 31.0% to 37.5%, while sUSDS circulating supply more than doubled year-over-year to $4.52B. “For years, the industry asked when institutions would arrive onchain.