Galaxy Digital used its own balance sheet funds to purchase $100 million of the yield stablecoin sUSDS issued by Sky Protocol, to be held in the company’s reserves, and approved sUSDS as collateral for institutional trading; the business has an average loan size of $1.4 billion and serves more than 1,600 counterparties. During the period when clients pledge sUSDS to borrow, they can still receive earnings from the Sky Savings Rate on their full positions. Galaxy also bought SKY tokens in an undisclosed amount, and both parties are discussing expanding the existing $500 million institutional loan warehouse financing facility. (The Block)