Sky Ecosystem Q3 2026 Quarterly Report

Summary

The Sky Ecosystem Q3 2026 Quarterly Report, published by Sky Frontier Foundation, details a quarter in which Sky Protocol’s Net Revenue rose 11.8% from Q2 to $37.19M, marking the sixth consecutive positive quarter, as Total Expenses fell 16.0% and the Net Revenue margin widened to 37.5%. Gross Protocol Revenue was $99.29M, up 14.2% year-over-year from $86.95M in Q3 2025. Protocol Collateral reached $11.41B, up 25.3% year-over-year, USDS supply reached $9.70B, up 27.6%, and sUSDS closed the quarter at $4.52B, up 118%. Sky Protocol remitted $28.47M to Sky Reserves, which closed the quarter at $85.08M.

Three developments defined the quarter. Galaxy added $100M of sUSDS to its corporate balance sheet and approved sUSDS as eligible collateral across its institutional lending business, while the $500M warehouse lending facility between Sky Agent Grove and Galaxy had financed $375M of loans by quarter end. Stage 2 of the buybacks framework, ratified August 13, began funding SKY buybacks, USDS rewards to SKY stakers and SKY burns from Net Revenue, and the first burn permanently removed 2.86M SKY from circulation on September 13. External coverage also expanded. Standard Chartered initiated research coverage of SKY on September 11, and Moody’s Ratings assigned Sky Protocol an issuer rating, making it the only onchain protocol assessed by two of the three major credit rating agencies. Sky Protocol enters Q4 2026 with sUSDS supply growing again, revenue-funded capital allocation in place, and Sky Reserves building toward the $150M Solvency Reserve target.