Sky Protocol’s USDS stablecoin reached $10.04 billion in supply by June 30, 2026, nearly doubling from the previous year as usage expanded and institutional strategies attracted capital. Sky Agents, the ecosystem’s capital allocators, have deployed more than $5.5 billion into strategies involving BlackRock, Janus Henderson and PayPal. Protocol collateral totals between $10 billion and $13 billion, providing more than a dollar of assets for each USDS in circulation. Sky is building reserves toward a $150 million solvency target, while gross revenue has exceeded $100 million in multiple quarters and cumulative yield distributions through sUSDS have surpassed $250 million. sUSDS is the savings-rate version of USDS and the ecosystem’s largest rate-generating stablecoin, with returns funded by protocol revenue. Existing figures for late September 2026 put the combined circulating supply of USDS and legacy DAI at approximately $9.71 billion, up $285.86 million, or about 3.03%, over 30 days, creating a date and measurement discrepancy with the June 30 USDS figure. The growth reflects both migration from DAI and new demand, but concentration in institutional strategies leaves the protocol exposed to losses that could pressure reserves and test its overcollateralization buffer.