Galaxy Adds $100 Million in Sky Token as Institutional Demand Faces Early Test

Galaxy has added $100 million worth of Sky (SKY) tokens, putting the savings token’s institutional use under scrutiny. Clients can pledge the token as collateral, according to information reported by CryptoSlate. However, the companies did not disclose how much client lending has been backed by sUSDS, leaving the scale of actual institutional borrowing unclear. The development links SKY’s expanding availability with a test of whether professional market participants will use the token beyond holding it. No sUSDS-backed client loan volume was provided.