Allocated 25M USDS to Grove Finance for institutional lending deployment and USDS liquidity expansion.

Allocated 70M USDS to Sky Agent Network capital allocator in Q1 2026.

Reduced daily SKY buybacks by 87% from $300k to $37.6k for three months in Q1 2026.

Launched Sky Ecosystem Insights for quarterly research and on-chain metrics in Q1 2026.

Launched Spark Points Program Season 4 with SPK staking earning 3 points per SPK per day, Savings USDS deposits earning 2 points per USDS per day, and Savings ETH deposits earning 50,000 points per ETH per day, while removing point rewards for Savings USDC and USDT.

Achieved over 20,000 participating wallets in Spark Points Program Season 3.

Season 2 claim ends and Season 3 claim opens on 2026-04-20 for the Spark Points Program.

Spark protocol reached $3 billion TVL in the lending market.

Grove is deploying $1 billion into the first tokenized CLO by Janus Henderson and Centrifuge.

Generated approximately $134 million in year-to-date revenue in 2026, ranking as a top 5 protocol by this metric.

Reached $6.4 billion TVL in sUSDS (yield-bearing stablecoin), growing 112% over the past year and over 35% year-to-date in 2026.

Achieved approximately 8% treasury growth year-to-date in 2026.

Ranks 8th among top 10 crypto entities by 7-day fee generation.

Uses Chronicle oracle network infrastructure for its operations.

A multisig wallet executed a systematic TWAP buy program through CoW Swap, purchasing 35.77 million SKY tokens for 2.431 million USDC at an average price of $0.068, representing approximately half of a planned 5 million USDC accumulation that began two months prior.

Ranked #2 by social activity among Real World Asset projects with 1.69M mentions in 24 hours on April 7, 2026.

Proposes structural upgrades for a stronger solvency buffer and sustainable staking rewards, pursuing a formal credit rating and targeting institutional capital.

Holds $200 million of SyrupUSDT/USDC through leveraged loops via YuzuMoneyX integration.

Initiated second month of SPK buybacks with 414,000 USDS transferred to the buyback address on April 6, 2026

Migrating DAI token to USDS token, with Coinbase supporting the migration from May 4-6, 2026.

Spark Savings USDT reached $888 million TVL with $737 million in liquidity (83% liquidity ratio).

Completed first month of SPK buybacks using 572,000 USDS to repurchase 26.66 million SPK tokens.

Became 3rd largest stablecoin issuer after Tether and Circle, overtaking Ethena's USDe with approximately 2x its size. USDS supply reached $11.5B, increasing 38% in 30 days and more than doubling since October 2024.

Uses $SKY token minting as the absolute last resort backstop mechanism, which has never been triggered.

Employs a Dutch auction liquidation model that finds true market price instead of paying a flat bonus for capital efficiency.

Experienced a 234% week-over-week increase in whale transactions ($100K or more) for DAI on Polygon.

Experienced a 100% week-over-week increase in whale transactions ($100K or more) for MKR.

Experienced a 100% week-over-week increase in whale transactions ($100K or more) for DAI on BNB Chain.

Is characterized as a t-bill wrapper managed off-chain by one user criticizing current DeFi practices.

USDS was affected in a hack involving Gauntlet, with approximately $5 million compromised.

Ranked #9 in Santiment's top 10 Real World Assets projects by development activity, rising from a lower position compared to the previous month.

Launched revamped website, dedicated application layer interface, new X page (@SkyMoney), and Grove App, offering 3.75% APY Sky savings rate for USDS/USDC deposits into Grove Savings.

Generated $14.54M in 30-day revenue from stablecoin operations.

Reached $7B sUSDS supply, an all-time high as of 2026-03-31. Became the largest yield-generating stablecoin and #1 lending protocol by stablecoin deposits, with sUSDS growing 3x in 180 days.

Added wBTC as collateral on SparkLend with a 3,000 wBTC deposit cap and $24M liquidity. Enables USDS borrowing via D3M at 4.27% APY, USDC at 4.77% APY, and pyUSD at 4.18% APY.

Operates as a hybrid stablecoin, blending CDP and reserve mechanics, and serves as a DeFi layer for RWA collateral alongside Morpho and Aave, with sUSDS backed 25% in DeFi lending (Sparklend, Aave, Morpho), 35% in T-Bills, 20% in cash (USDC in PSM), 10% in AAA CLOs, and 10% in RWAs (US mortgages, overcollateralized loans).

Listed SKY and USDS tokens on Upbit exchange in South Korea.

USDS circulating supply has increased by 13.92% over the 30-day period ending March 30, 2026.

Generated $360M annualized revenue with $158M net profit.

Withdrew 184 million SKY tokens ($14 million) from Coinbase Prime to onchain wallets on March 25, 2026.

Identified as a potential beneficiary of the Clarity Act agreement alongside other DeFi stablecoins.

Spark routes approximately $2B through its Liquidity Layer across Ethereum lending and RWA markets.

Recognized for governance experimentation, using a DAO voting mechanism with mandatory delay enforcement for major protocol changes.

Posted +29% price performance in Q1 2026, ranking 9th top-performing token and in Grayscale's Top 20 by volatility-adjusted returns, outperforming OP and ARB. Sits in Financials sector with $1.7B market cap.

DAI recorded $40.2B in 30-day mint volume as of March 24, 2026.

USDS recorded $18.2B in 30-day mint volume as of March 24, 2026.

sUSDS recorded $13.9B in 30-day mint volume as of March 24, 2026.

Offers sUSDS at 3.75% APY, sourced 70% offchain (USDC at Coinbase, BlackRock BUIDL, Janus Henderson) and 30% onchain (Spark routing). Also offers stUSDS with dynamic yields and Sky Vaults, all non-custodial and fee-free.

Listed on Kraken Pro as a USD margin trading pair.

Partners with Tether on the Stablecoin Development Corporation initiative to acquire, organize, and provide access to stablecoin cash flows starting with SKY.

SDEV holds 2.135 billion SKY tokens ($156M), representing 8.78% of supply, funded by $76M external capital from Framework and Tether and 943.6M SKY from the Foundation; 100% staked in LockstakeEngine, accruing 26.6M SKY in rewards at a $0.065 average acquisition cost with no withdrawals. Operates with zero token incentives as of April 2026.

Holds zero lifetime bad debt since 2019, with no exposure to USR, surviving Terra, 3AC, FTX, and multiple ETH crashes without losses to depositors.

A whale transferred 50 million SKY tokens (valued at $3.8 million) to Binance on March 22, 2026, after accumulating 97.13 million SKY tokens at an average price of $0.048 in November 2025 and realizing an unrealized profit of $2.72 million.

Rebrands DAI to USDS, completing upgrade across Binance (listed April 9th, 2026, with Earn, Margin, Pay, and automatic DAI to USDS conversion), Bitget, HTX Global, Gate, MEXC, and KuCoin. Crypto.com permanently suspends DAI trading, deposits, and withdrawals on April 10th, 2026.

Stablewatch has become a core contributor to Sky Ecosystem's Risk & Data Engine.

Reached $15 billion TVL, ranking as a top 5 protocol, holding over 40% of total TVL alongside Aave and Morpho.

DAI experienced a 340% week-over-week increase in whale transactions valued at $100,000 or more.

MKR experienced a 200% week-over-week increase in whale transactions valued at $100,000 or more.

Paid out $18.78M in sUSDS yield over 30 days and $4.69M in sUSDS yield during the week ending April 10, 2026. Ranks first among yield-bearing stablecoins and third largest stablecoin overall, positioning as an alternative to reach USDC's scale alongside USDe, PYUSD.

Integrated with DeFi Saver, offering Smart Savings, Lazy Summer vaults, and asset conversions (DAI to USDS, sDAI to sUSDS, MKR to SKY) via its Sky dashboard.

sUSDS accounts for 37% of all yield paid by yield-bearing stablecoins.

Ranks as the 6th largest protocol by TVL.

SKY led top movers with a 6% price increase on March 17, 2026.

Has 2,000 USDS deposited in Privacy Pools as of March 16, 2026.

Adopted the SEAL framework to provide legal cover for ethical hackers during active exploits.

Approved $70M USDS for four capital agents: Keel, Amatsu, Ozone, and an unannounced agent, to deploy into credit markets, DeFi, and RWAs.

Generated $17.63M in revenue over a 30-day period ending March 25, 2026, through stablecoin and yield infrastructure driven by onchain credit demand.

Increased network growth by +465% (new wallets created) for DAI on Polygon over the past month compared to the prior month.

Increased network growth by +103% (new wallets created) for DAI on Optimism over the past month compared to the prior month.

Gained +41.20% over 90 days as of March 12, 2026.

Launched agent network, designating Centrifuge as Sky Agent for Obex Cohort 1, and Obex Incubator deployed $1B USDS into RWA, AI, energy-linked yield instruments via Maple Finance on March 25, 2026, with Apollo and Janus Henderson, targeting $2.5B. Decreased buybacks, redirected funds to treasury.

USDS received $950 million in inflows in a single day

Holds $6.5B in deposits in stablecoin savings product, with Sky Savings Rate at 3.75% APY for sUSDS holders. Reduced buybacks by 87.5%, cut emissions by 16.2% and SSR by 25 basis points, accelerating surplus accumulation by $96M per year, holding USDC as collateral for DAI.

Became top revenue-generating protocol on Ethereum, generating $3.76M 7-day revenue. Operates $12.57B lending business, profitable with $166M annualized earnings.

Distributes 44% of earnings to token holders via buybacks and staking rewards, with almost 50 million SKY tokens distributed to stakers since November 2025.

Reached $7.168 billion in TVL, representing a 30.39% increase over 30 days.

Spark initiated SPK token buybacks through CoW Swap's TWAP function, having purchased 1.84 million SPK tokens (worth $36,000) as of March 7, 2026, with buybacks planned to continue monthly for 12 months using 10% of treasury surplus funds each month after reserving $35 million for operational expenses.

Sky ecosystem cofounder Rune created a new wallet, deposited 4.01M USDC, and opened long positions totaling approximately $5.99M in oil-related assets (62,006 CL tokens worth $5.7M and 3,141 BRENTOIL tokens worth $292K) on March 7, 2026.

ParaFi Capital deposited 70 million SKY tokens into Sky protocol on March 6th, acquired by selling AAVE holdings to earn yield.

Integrated with Privy to enable developers to let users convert USDS to sUSDS and earn yield directly within apps using Privy wallets.

Ranks as the 4th largest asset curator on Morpho by TVL.

Reached $12B supply, up from $9.8B in 30 days ending 2026-03-31. Ranks #4 stablecoin with 2.5% market share, grew 80% in prior year, targets $20B by end of 2026.

Reached $5.4B in stablecoin supply as of February 2025.

Bought back and burned over 7% of SKY token supply.

SKY token has 98% circulating supply.

SKY token can be staked for over 13% yield.

Launched new Vaults page on the Sky Money App featuring Morpho Vaults integration.

Holds $325M in positions on Ethereum Morpho at 9.3x leverage, with $300M deposits in Morpho Vaults; sUSDS TVL reached $6.16B, with 3.98% 7-day APY and +26% TVL growth, ranking first among tokenized fund providers.

Expanded USDT, USDC, and USDS yield offering through Morpho curated vaults in Sky Money app for Sky Savings, providing 150-200 basis points over lending markets with RWA-backing.

Savings USDT has reached 382 million in deposits with 212 million in liquidity (55% liquidity ratio).

Received $9.1 billion in stablecoin deposits from Justin Sun between December 2025 and March 2026, increasing his total deposits across Sky and Spark from $5.7 billion to $14.8 billion.

Reached $11.5B USDS supply, increased 23% in 30 days ending March 23, 2026, adding $200M in 24 hours, and up 40% YoY. Enters top 5 stablecoins with $3.9B via Spark and $1B in USDC vaults.

Faces potential regulatory risk to approximately 30% of revenue (around $4 billion in USDC custodied by Coinbase) due to proposed OCC rules that may prohibit the current payment flow arrangement where Circle pays Coinbase, which then compensates Sky Ecosystem for custodying USDC.

Increased lending deposits to $8.0B (+25%) from $6.4B, contrasting a 35% decline in the broader crypto lending market from October highs. Savings USDS deposits sit at $6.4B, holding 2% of the stablecoin market.

sUSDS supply reached 5.88 billion, growing 78% over the past year and 90% over the past month.

USDS is now available in Kamino Finance's PRIME Market, enabling users to borrow USDS against PRIME collateral with leverage up to 8.3×.

Integrated with top fintech lenders who are using USDS and accessing Sky Agents via Obex Incubator.

Partnered with mortgage lender Better Home & Finance and Framework Ventures for a $500 million stablecoin credit plan for mortgage tokenization.

Listed among top daily gainers alongside PIPPIN, FIGR_HELOC, PI, and LEO on February 24, 2026.

Added to Aragon Project's Ownership Token Framework dashboard, mapping protocols with onchain control and value accrual mechanisms.