Galaxy Digital Buys $100 Million of Sky Stablecoin sUSDS to Deepen Partnership
Summary
- Galaxy Digital said it added sUSDS, the interest-bearing stablecoin issued by Sky Protocol, to its treasury assets in a purchase worth $100 million.
- The company also bought Sky tokens to expand its on-chain finance partnership with Sky, though it did not disclose the size of the purchase.
- Galaxy Digital said it approved sUSDS as loan collateral for its institutional trading business, allowing clients to receive the Sky Savings Rate.
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Galaxy Digital, a U.S. cryptocurrency company, has made a large purchase of a stablecoin issued by Sky Protocol as it moves to expand its on-chain finance partnership with the project.
The Block reported on September 23 that Galaxy Digital recently added $100 million of sUSDS to its treasury assets. sUSDS is an interest-bearing stablecoin issued by Sky. Galaxy Digital said it is the first publicly listed company to hold sUSDS as a treasury asset.
Galaxy Digital also bought Sky tokens to broaden its cooperation with Sky, though it did not disclose the size of the purchase.
The company has also approved sUSDS for use as collateral for loans in its institutional trading business. That allows clients to pledge sUSDS to borrow funds from Galaxy Digital. Borrowers will also receive the variable Sky Savings Rate on their holdings throughout the life of the loan.
Galaxy Digital provides services to more than 1,600 institutions. Its institutional trading division has about $1.4 billion in loan assets.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul