TL;DR:
- Gross protocol revenue reached $107.35 million in the quarter ended June 30, 2026, marking a 10.5% year-over-year increase.
- Total ecosystem collateral grew 45.5% compared to the previous year, standing at $12.32 billion.
- The supply of the yield-bearing savings token sUSDS expanded 149% year-over-year to reach $5.52 billion.
Sky Protocol’s Q2 earnings were revealed this Thursday. The ecosystem generated more than $100 million in gross revenue for the second consecutive quarter following the period ended June 30, 2026.
According to the quarterly financial report from the Sky Frontier Foundation, gross protocol revenue reached $107.35 million, representing a 10.5% increase compared to the $97.15 million recorded in the same period in 2025. Meanwhile, net revenue rose 25.1% to $40.09 million, expanding the net revenue margin from 33.0% to 37.3%.
The entity’s accounting documentation highlights that these results produced a net surplus of $33.29 million, extending a run of five consecutive green quarters.
Likewise, organization data reveals that the protocol allocated $29.87 million to its operational reserves. With this contribution, the accumulated balance in Sky Reserves reached $82.40 million against a solvency target of $150 million.
Total collateral deposited in the protocol closed June at $12.32 billion, registering a 45.5% year-over-year surge. This figure comfortably backs the system’s total obligations, valued at $12.22 billion at the end of the quarter.
Institutional Adoption and Stablecoin Market Growth
Within total collateral, Prime Agent Vaults accounted for $6.84 billion, representing approximately 55% of total collateral assets. According to ecosystem reports, roughly $2.58 billion in this category corresponds to institutional allocations spread across firms like BlackRock (via the BUIDL fund), Janus Henderson, Anchorage, PayPal, Securitize, and Galaxy.
In parallel, the yield-bearing stablecoin sUSDS experienced an acceleration in adoption. Its circulating supply ended the quarter at $5.52 billion, representing a 149% growth compared to the $2.22 billion reported a year earlier. Cumulative distributions to holders through the Sky Savings Rate crossed the $250 million threshold by the end of June.
Regarding the total supply of the USDS stablecoin, it ended June at $10.04 billion after reaching a peak above $11.8 billion in early April 2026. This variation coincided with an adjustment in the stablecoin savings rate, which was reduced from 3.75% to 3.60% to balance reserve accumulation and maintain yield attractiveness.
In terms of governance, total SKY tokens staked rose to 17.08 billion, equivalent to 73.3% of the circulating supply. During the period, the organization used $3.41 million in USDS to repurchase 51 million SKY tokens on the open market at an average price of $0.067.
Looking ahead to the second half of 2026, the protocol projects an annualized gross revenue run-rate of $429.4 million based on operational activity from the newly concluded quarter
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