usds

S&P Global Ratings confirmed on October 1 that the issuer credit rating of the stablecoin protocol Sky Protocol is B-, with a stable outlook. S&P stated that Sky is advancing the Prime Agent ecosystem (formerly Stars or subDAO), which includes strategies such as over-the-counter lending with a scale of approximately $1 billion, accounting for about 10% of the total assets supporting USDS and DAI; these semi-independent entities use the Sky balance sheet for specialized investments within the risk parameters set by governance, while increasing management and monitoring complexity.The total supply of USDS and DAI increased from $7.7 billion in August 2025 to $9.5 billion. As of September 17, 2026, reserves are approximately $92 million, with a target of $150 million. Robust assets USDC and tokenized money market funds backed by government bonds total approximately $4.92 billion, accounting for about 50% of circulating USDS and DAI, up from 36% in August 2025. On-chain crypto lending has decreased to about 25% of the balance sheet, while over-the-counter crypto lending has increased to approximately $1 billion. Newly included assets include RLUSD, PYUSD, and USDG totaling approximately $392 million, as well as a tokenized fund investing in AAA-rated CLO shares of about $500 million.As of September 2026, the four major Prime Agents account for approximately 65% of the combined assets, with Spark accounting for 36%, Grove for 24%, Obex for 4%, and Osero for 1%.

Galaxy Digital, a Nasdaq-listed digital asset company, has incorporated $100 million in Sky Protocol interest-bearing savings tokens sUSDS into its corporate treasury and included them in the collateral range for institutional business facing over 1,600 counterparties. Galaxy also purchased an undisclosed amount of SKY.Galaxy clients can use sUSDS as collateral for loans and continue to earn Sky Savings Rate yields during the loan term. The average loan size in Galaxy's institutional lending business is approximately $1.4 billion; the Sky ecosystem's Prime Agent Grove had previously provided a $500 million warehouse loan limit to it.

According to BBX data, yesterday global publicly listed companies in the U.S. stock market announced their latest accounts regarding digital asset treasury allocation, targeted private placements, and stock repurchases at a discount. The core updates are as follows:Galaxy Digital (TSX: GLXY) invested $100 million to purchase sUSDS and increased its holdings in SKY tokens: The well-known cryptocurrency financial services firm Galaxy Digital announced that it has utilized $100 million of its own funds to officially incorporate the interest-bearing stablecoin sUSDS from Sky Protocol into its corporate treasury. At the same time, Galaxy has approved sUSDS as compliant collateral for its institutional trading business, allowing institutional clients to apply for loans by pledging sUSDS while continuing to enjoy Sky's savings interest rate benefits. Additionally, Greg Feibus, the global head of capital markets at Sky Frontier Foundation, confirmed that Galaxy also purchased an undisclosed amount of SKY tokens. The two parties have established a new tripartite lending arrangement and are discussing expanding the existing $500 million warehouse financing limit.Forward Industries (NASDAQ: $FWDI) plans to raise $25 million through a registered direct offering, fully allocated to increase its holdings in SOL: The publicly listed company Forward Industries, which is part of the Solana treasury, announced that it has signed a securities purchase agreement with institutional investors to sell 3.125 million shares of common stock at a price of $8 per share through a registered direct issuance, raising a total of approximately $25 million (expected to complete settlement around September 24). A.G.P./Alliance Global Partners is acting as the exclusive placement agent. Forward Industries clearly stated that the net proceeds from this offering will be fully used to increase its holdings in SOL in the secondary market, to expand its SOL treasury size and enhance the per-share fully diluted SOL content.Silvia (formerly ProCap Financial, NASDAQ: $SVIA) reduced its holdings by repurchasing 124 BTC, bringing total holdings down to 5,130 BTC: The Nasdaq-listed company Silvia, under cryptocurrency entrepreneur Anthony Pompliano, announced that since September 15, it has repurchased an additional 2.3% of its circulating common stock at a market discount below net asset value (NAV). Since the repurchase program began, the cumulative repurchase ratio has reached approximately 14.5%. As of the market close on September 22, the company's circulating shares have been reduced to 82,881,223 shares, with the treasury holding approximately 5,130 BTC (a decrease of about 124 BTC from approximately 5,254 BTC on September 15), and the NAV per share is approximately $4.27. The company reiterated its firm commitment to selling some assets to repurchase shares until the secondary market trading price is no longer below NAV.

According to The Block, Galaxy Digital announced that it has incorporated $100 million of the yield-bearing stablecoin sUSDS from Sky Protocol into its corporate treasury and approved it as collateral for institutional trading operations. Galaxy's lending head Max Bareiss stated that this purchase was made using the company's own balance sheet funds; as of June 30, Galaxy held nearly $2.5 billion in cash and stablecoins.As part of the collaboration, Galaxy also acquired an undisclosed amount of SKY tokens. Clients can now borrow by pledging sUSDS through Galaxy and continue to earn Sky savings rates during the loan period. Galaxy's institutional platform serves over 1,600 counterparties, with an average loan book of $1.4 billion.Sky stated that the supply of sUSDS reached $5.52 billion at the end of the second quarter, a year-on-year increase of 149%. The two parties previously had arrangements such as $500 million in warehouse financing provided by Grove and are currently discussing expanding that limit.

Geoff Kendrick, the Global Head of Digital Asset Research at Standard Chartered, stated in a research report that SKY could reach $0.325 by the end of 2028, which is five times the benchmark price of $0.065 set in the report. The bank expects that the price increase of SKY will roughly synchronize with ETH and outperform Bitcoin before the end of 2028.Sky is a decentralized finance platform that will adopt its current name in 2024 and launch USDS and the governance token SKY. Since September 2024, Sky's agency has borrowed $5.9 billion USDS; the supply of USDS reached $10.04 billion in June, a year-on-year increase of 96.9%, down from $11.14 billion in May. Standard Chartered stated that further growth in USDS supply will drive protocol revenue and increase distributions to token holders, while staking rewards and a token buyback mechanism will be used to distribute value to SKY holders. The bank expects that the value distributed to holders will at least double in the next 12 months and noted that the slower-than-expected growth of yield-bearing stablecoins is a major risk to SKY's outlook.

According to on-chain analyst Yu Jin's monitoring, on June 7, a certain whale borrowed 30,000,000 USDS through circular lending collateralized by ETH and purchased 18,212 ETH at an average price of 1,647 USD.Today, the whale sold 15,993 ETH at a price of 1,889 USD, repaying a loan of 30,200,000 USDS, with a leveraged profit of 4.3 million USD.

According to Onchain Lens monitoring, after 2 years of silence, a certain whale sold 5,671 ETH at a price of $1,576, exchanging it for 8.938 million USDS.

According to Onchain Lens monitoring, after being dormant for 7 years, the whale address "0x096" sold all 27,585 ETH at an average price of $1,625, obtaining 44.84 million USDS, and ultimately locked in a profit of $39.1 million.

According to on-chain analyst Ai Yi's monitoring, the address 0x709...Cad6e has built a position again after six months, mortgaging 10,570 ETH 14 hours ago to borrow 16 million USDS, and then buying 14,730.36 wstETH at an average price of $2,028, followed by borrowing another 14 million USDS to increase the position.

According to on-chain analyst Yu Jin's monitoring, 15 minutes ago, an on-chain whale borrowed 30 million USDS from Spark through a circular loan collateral and then purchased 18,212 ETH at an average price of 1,647 USD.

According to Onchain Lens monitoring, the mysterious whale 7 Siblings (0x5ffc...3c37) has once again purchased 11,759 ETH, worth 18.03 million USD, and still holds 10 million USD worth of USDS.

Sky Ecosystem posted on platform X that the USDS OFT cross-chain bridging on the Solana network has resumed operation, which was temporarily paused due to a security review related to the rsETH vulnerability.Sky stated that throughout the review period, both the Sky Protocol and the USDS contract were unaffected, and USDS has always maintained full collateral as designed by the protocol, which can be verified on-chain at any time. This pause was a precautionary measure.With the completion of the security review, the USDS cross-chain bridging on the Solana chain has reopened, while the bridging to Avalanche will resume after further review is completed.

L1 Public chain Somnia announced the launch of the ecological stablecoin USDso, issued and operated by the decentralized stablecoin protocol Frax Finance based on the frxUSD architecture.USDso adopts an over-collateralized model and uses assets such as U.S. Treasury bonds as reserve support, which can be minted 1:1 with assets like USDC. Its revenue distribution mechanism will channel reserve earnings back into the ecosystem, with 90% allocated to DeFi protocols and 10% for the insurance fund. This stablecoin is designed to serve high-frequency trading, DeFi, and on-chain protocol scenarios.

According to on-chain analyst Ai Yi's monitoring, a suspected address of Sun Yuchen has withdrawn 3.2 million USDT from Spark again, totaling 96.62 million US dollars in stablecoins withdrawn.The financial address 0x939...6A1D1 currently has 1.15 billion dollars in funds on Spark, of which 1.02 billion is USDS and 131 million is USDC. After previously suspected to have sold 5.51 million dollars worth of USDS farming rewards, new rewards have accumulated to nearly 600,000 dollars.

Sky proposes a comprehensive reform of the treasury revenue distribution mechanism. Founder Rune Christensen stated that with Genesis Capital's transition to Grove, Sky has officially ended the genesis capitalization phase, and the previous irregular capital deployment determined by governance has come to an end.The proposal simplifies the treasury management function (TMF) from a five-step conditional waterfall structure to a four-step fixed allocation framework, covering security and maintenance, overall backup capital, smart burn engine, and USDS staking rewards, while eliminating multiple legacy mechanisms. This move comes as Sky is rapidly expanding, with the supply of USDS rising to approximately $11.6 billion, making it the third-largest stablecoin. Previously, the Sky community authorized the deployment of up to $2.5 billion through the stablecoin incubator Obex, and launched the native USDS on Avalanche in April.

According to on-chain analyst Ai Yi's monitoring, Sun Yuchen has deposited a total of $1.3 billion in assets to Spark, with USDS Farming rewards reaching as high as $5.38 million.Sun Yuchen's address 0x939...6a1d1 withdrew 300 million USDS from Sky in the past 3 hours and then deposited it into Spark. The current deposits on the platform are as follows:USDS: $436 million, accounting for 18.72% of the deposit pool;USDC: $135 million, accounting for 28.17% of the deposit pool;USDT: $93.39 million, accounting for 9.89% of the deposit pool.

Sky (formerly MakerDAO) posted on the X platform stating that it has currently suspended the omnichain fungible token (Omnichain Fungible Token) cross-chain bridging function for USDS. It will further assess the impact of the rsETH-related security incident while emphasizing that its protocol itself and the USDS contract have not been affected temporarily. USDS remains fully collateralized as designed by the protocol and can be verified on-chain at any time.

OKX will open USDS deposits on April 17, 2026, at 11:00, with pre-orders from 16:00 to 17:00. The USDS/USDT spot trading will open at 17:00, and withdrawals will be available at 19:00. USDS is an upgraded stablecoin of the Sky ecosystem, and users can convert it at a 1:1 ratio through Sky.money and other platforms.

Binance has completed the Dai (DAI) token swap and brand upgrade to USDS (USDS) on April 9, 2026, at 16:00, and has opened spot trading for BTC/USDS, ETH/USDS, and USDS/USDT.Users can deposit the old DAI token (BEP20) and use the swap function to exchange for the new USDS token at a 1:1 ratio. Please note that Binance will no longer support withdrawals of the old DAI token.