Sky Protocol Stablecoin Supply Hits $9.5 Billion, USDC and Treasury Funds Dominate

Sky Protocol's stablecoin supply has reached $9.5 billion, up from $7.7 billion in August 2025. The growth comes as USDC and Treasury-backed funds totaled about half of that supply.

The issuer credit rating for Sky Protocol was affirmed at B- with a stable outlook on October 1. This follows the trend where its reserves stood at about $92 million as of September 17, 2026, compared to a $150 million target.

Sky's USDS supply reached $9.5 billion in September 2026, up from $7.7 billion in August 2025. The increase is largely driven by the growth of tokenized money-market funds backed by U.S. Treasury securities, which now account for roughly 50% of USDS and DAI in circulation.