Sky Protocol Hits Record $123.79M in Q1 Revenue, Up 28.9% Year-over-Year

According to Sky Frontier Foundation, Sky protocol's quarterly revenue reached $123.79 million in Q1 2026, up 28.9% year-over-year and 56.8% quarter-over-quarter, marking a protocol record. Net surplus totaled $46.04 million, representing 92.4% of the full-year 2025 net surplus.

Protocol collateral increased 49.1% to $13.03 billion, while USDS supply grew 67.9% to $11.7 billion. sUSDS, now the largest yield-bearing stablecoin by supply, reached $6.49 billion at quarter-end. All key metrics exceeded the Sky Frontier Foundation's 2026 baseline expectations.