Sky Protocol reported a record revenue of $123.79 million for Q1 2026, marking a 28.9% increase from the previous year and a 56.8% rise from the previous quarter. The net surplus for the quarter reached $460.4 million, nearly matching 92.4% of the entire net surplus for 2025. The protocol's collateral grew to $13.03 billion, while the USDS supply surged 67.9% year-over-year to $11.7 billion. Additionally, sUSDS supply reached $6.49 billion, establishing it as the largest yield-bearing stablecoin. On March 14, Sky governance approved a capital restructuring plan to create a $150 million solvency reserve.