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Summary
Annual State of Sky Ecosystem 2025, published by the Sky Frontier Foundation, this report details a year of deliberate transformation where USDS stablecoin supply surged 86% to $9.86 billion YTD. This expansion significantly outpaced the global stablecoin market of 50% growth YTD and was driven by the complete upgrade from Maker to Sky and the activation of the Sky Agent Network comprising decentralized operators like Spark, Grove, Keel and Obex.
Financially, the Sky Protocol demonstrated robust fundamentals by achieving $435 million in annualized protocol revenue and $168 million in annualized protocol profits while successfully reaching a 61.5% reduction in operational expenses. The report confirms the status of the Sky Protocol’s stablecoins as the world’s largest decentralized yield-generating stablecoin, attributing its 2025 performance to the successful establishment of a scalable risk-adjusted yield engine that has historically remained uncorrelated with broader crypto market volatility.
Other insights
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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.