Galaxy Digital has allocated $100 million in Sky's sUSDS — the savings-rate token of the Sky (formerly MakerDAO) protocol — directly onto its corporate treasury balance sheet. Simultaneously, Galaxy has formally approved sUSDS as eligible collateral for institutional lending, deepening a bilateral relationship with Sky that includes a purchase of SKY governance tokens. This marks one of the most significant institutional endorsements of a DeFi-native yield-bearing stablecoin as a credit asset.
For Armada's crypto repo desk, this sets a precedent that yield-bearing stablecoins like sUSDS are migrating from DeFi-native use into institutionally recognized collateral pools. If peer counterparties such as hedge funds or market makers begin presenting sUSDS in repo negotiations, Armada needs a clear policy position on eligibility, haircuts, and custodial treatment under the Fireblocks framework before that conversation arrives.