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Galaxy Digital (GLXY) bought $100 million worth of sUSDS, the yield-bearing stablecoin from DeFi platform Sky (SKY), formerly MakerDAO, The Block reported. Galaxy added the asset to its treasury and also adopted it as collateral for its institutional lending and trading businesses.
The purchase was funded with the company’s own capital. Galaxy also separately accumulated SKY tokens, although it did not disclose the amount. With the addition, institutional clients can post sUSDS as collateral with Galaxy to obtain loans while continuing to receive Sky Savings Rate interest on the full amount of collateral during the loan term. Galaxy and Sky are also discussing ways to expand an existing $500 million funding limit for institutional lending.