According to the Sky Frontier Foundation, Sky Protocol generated $123.79 million in revenue for the first quarter of 2026, representing a 28.9% year-over-year increase and a 56.8% quarter-over-quarter increase, setting a new all-time high. Net surplus reached $460.4 million, accounting for 92.4% of the full-year net surplus in 2025. Protocol collateral increased year-over-year to $13.03 billion, with USDS supply reaching $11.7 billion, up 67.9% year-over-year. sUSDS supply reached $6.49 billion, making it the largest yield-bearing stablecoin. On March 14, Sky governance approved a capital restructuring plan to establish a $150 million solvency reserve.
Sky Protocol Q1 2026 Revenue Reaches Record High of $123.79M
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Summary
On March 14, Sky Protocol released a protocol update revealing Q1 2026 revenue of $123.79 million, a 28.9% year-over-year increase and a 56.8% quarter-over-quarter increase. Net surplus reached $46.04 million, representing 92.4% of 2025’s total. Collateral amounted to $13.03 billion, with USDS supply at $11.7 billion, up 67.9% year-over-year. sUSDS supply reached $6.49 billion, making it the largest yield-bearing stablecoin. The governance plan includes a $150 million solvency reserve to support ongoing ecosystem growth.
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