Driven by Sky Savings Rate adoption, USDS supply surges to $11.70B while sUSDS tops $6.49B
GRAND CAYMAN, Cayman Islands, April 29, 2026 /PRNewswire/ – Sky Frontier Foundation (“SFF”), an independent organization that supports research, education, and ecosystem development for Sky Ecosystem, today published its Sky Ecosystem Q1 2026 Quarterly Report, reflecting the strongest quarter in Sky Protocol history across every key financial and operational metric.
Q1 2026 marks a decisive inflection point for Sky Protocol. The protocol returned to record-setting growth, generating Gross Protocol Revenue of $123.79 million for the three months ended March 31, 2026. This is an increase of 28.9% year-over-year and 56.8% quarter-over-quarter, surpassing every prior quarterly result in protocol history. Gross Protocol Revenue recovery was matched by a similar improvement in protocol surplus: Net Protocol Surplus for the period was $46.04 million, compared to a net loss of $13.51 million for the three months ended March 31, 2025, with the Net Protocol Revenue margin expanding to 49.06% from 30.24% in Q4 2025. In a single quarter, the protocol generated 92.4% of its total reported protocol surplus for full-year 2025 and, on a trailing twelve-month basis, Sky Protocol has now accumulated $109.40 million in cumulative net protocol surplus.
Rune Christensen, Director, Sky Frontier Foundation and Co-Founder of Sky Protocol, said, “Q1 2026 validated the thesis we outlined at the beginning of the year and exceeded it across every key measure. Sky Protocol is demonstrating the kind of financial performance and capital discipline that institutions require. The combination of diversified, real-world asset backing, a decade-long track record without a smart contract exploit, an S&P credit rating, and a governance-driven …