Galaxy Digital (Nasdaq: GLXY) and Sky Protocol announced a partnership spanning lending and capital markets, with Galaxy adding $100 million of sUSDS — Sky Protocol's savings token — to its corporate treasury and approving it as eligible collateral across its institutional trading business.

Galaxy's institutional lending platform carries a $1.4 billion average loan book and serves more than 1,600 trading counterparties. Clients who post sUSDS as loan collateral continue accruing the Sky Savings Rate on the full position for the duration of the loan.

The partnership also involves a $500 million warehouse lending facility provided by Grove, a credit infrastructure protocol within the Sky ecosystem, which commits USDS capital to finance Galaxy's origination of institutional loans secured by digital assets. Galaxy has also borrowed through Spark, a second Sky ecosystem participant, to support its GOFR product.

"Adding sUSDS to our treasury and as loan collateral, and deepening our GOFR financing through Sky, gives our clients more efficient access to onchain yield, backed by a savings rate we trust with our own balance sheet," said Max Bareiss, Head of Lending at Galaxy.

According to the press release, Sky Protocol reported $107.35 million in gross revenue and a $33.29 million net surplus in Q2 2026, its fifth consecutive profitable quarter. The sUSDS supply reached $5.52 billion at Q2 close, up 149% year-over-year. Sky Protocol also holds anchor positions in BlackRock's BUIDL and Janus Henderson's JTRSY tokenized funds.

Greg Feibus, Global Head of Capital Markets at Sky Frontier Foundation, described the arrangement as "a blueprint for how the traditional financial system connects to onchain capital."

Galaxy is based in New York and operates across North America, Europe, the Middle East, and Asia. In addition to digital asset services, the company develops data center infrastructure and is building a pipeline of more than 5.7 gigawatts of potential capacity.