Annual State of Sky Ecosystem 2025 report sets a new standard for transparency in onchain finance. In 2025, the onchain protocol grew USDS supply 86% to $9.9B
In 2025, the protocol grew USDS supply 86% to $9.9B
Sky Frontier Foundation (“SFF” or “the Foundation”) released the inaugural Annual State of Sky Ecosystem 2025 report, establishing a new benchmark for accountability and transparency in onchain finance. SFF is an independent foundation supporting the innovation, development and acceleration of Sky, which powers USDS, the world’s largest decentralized yield-generating stablecoin and third-largest stablecoin overall.
The global stablecoin market has doubled in two years and is set to accelerate further following the July 2025 passage of the GENIUS Act and supportive statements from leaders like U.S. Treasury Secretary Scott Bessent, who forecasts the market will reach $3 trillion by 2030.
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As the stablecoin market expands, we believe Sky is positioned to benefit from long-term, structural demand.”
— Rune Christensen, Co-Founder of the decentralised Sky Ecosystem
In 2025, the supply of Sky’s USDS stablecoin surged 86%, outpacing the global stablecoin growth rate of 50%. At the same time, Sky Ecosystem successfully launched the onchain buyback program and staking rewards mechanism for the SKY governance token, while completing a full rebrand and technical migration from MakerDAO to Sky Ecosystem.
“The technical and operational improvements give Sky Ecosystem a clear path for scalable growth in 2026. As the stablecoin market expands, we believe Sky is positioned to benefit from long-term, structural demand,” said Rune Christensen, Co-Founder of the decentralised Sky Ecosystem and Director at Sky Frontier Foundation. “This report shows how risk management, capital efficiency, and governance translate into real economic performance. As Sky Protocol continues to grow, our focus remains on building financial infrastructure that institutions and individuals alike can rely on.”
The Sky Ecosystem report shows the supply of Sky stablecoins – including DAI, USDS, and the yield-bearing sUSDS – grew to $9.9 billion as of Dec. 15, 2025, with the Sky protocol generating $435 million in annualized gross revenue and $168 million in annualized net protocol profits. SKY buybacks and staking rewards totaled $92.2 million in 2025.
“Sky’s performance in 2025 underscores the importance of financial hygiene and transparent reporting. Sky so far has generated $435 million in protocol revenue, delivered $160 million-plus in net protocol profit, and bought back $92 million of SKY tokens,” said Vance Spencer, Co-Founder of Framework Ventures and Director at Sky Frontier Foundation. “Furthermore, the 2025 ecosystem report reflects the strength of Sky’s financial model. And with stablecoin adoption accelerating in the United States and globally, Sky is well-positioned to capture meaningful growth in the years ahead.”
Sky Ecosystem, as of Dec. 15, 2025
• USDS Supply: $9.86B
• USDS Supply Growth Since Jan. 1, 2025: +86%
• Annualized Protocol Gross Revenue: $435M
• Annualized Protocol Profits: $168M
Leadership of the Sky Frontier Foundation believes these results reflect a solid financial base and a clear path forward. With rising demand for decentralized stablecoins and expanding market opportunities, SFF expects Sky to continue scaling responsibly while delivering meaningful economic value to token holders.
SFF plans to publish quarterly updates beginning in January 2026, covering ecosystem performance and financial metrics, establishing a regular cadence of institutional-grade transparency.
As the global financial system increasingly adopts blockchain rails, SFF is committed to setting the standard for DeFi-native protocols to take leading positions in the economic and technological revolution.
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