Insights

Welcome to the inaugural March Financial & Operational Update, published by the Sky Frontier Foundation.

Better will join Sky as a “Star”, bringing a powerful new source of yield on-chain for the world’s third largest stablecoin.

Following $134M investment from R01 Fund LP, Framework Ventures, Tether Investments, S.A. de C.V., and Sky Frontier Foundation, Stablecoin Development Corporation has acquired 2.06B SKY tokens.

This report details the Sky Ecosystem’s efficient scaling in 2025, featuring a 74% surge in USDS supply and $338 million in revenue. It outlines the 2026 strategic shift toward aggressive market expansion, projected to drive USDS supply to $20.6B through diversified real-world yield sources.

Annual State of Sky Ecosystem 2025 report sets a new standard for transparency in onchain finance. In 2025, the onchain protocol grew USDS supply 86% to $9.9B.

This report provides an overview of Sky Ecosystem financial and performance metrics for 2025, and outlines the strategic capital allocation updates and financial outlook for the upcoming quarters of 2026.