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SKY Stablecoin Development Corporation disclosed that it holds SKY tokens, accounting for nearly 10% of the total supply.
Stablecoin Development Corporation filed with the US Securities and Exchange Commission (SEC) on October 5, 2026 shows that as of October 2, 2026, the company holds approximately 2.32 billion SKY tokens, accounting for approximately 10% of the total Sky Agreement token supply. The valuation of this position as at September 30, 2026 was approximately US$180.2 million, a significant increase from US$119.2 million three months ago.
According to the document, the above positions are calculated at a price of US$0.07764 per token. As the token price and the company's holdings increased simultaneously, its market value increased significantly. The stablecoin development company said it accumulated approximately 34.6 million additional SKY tokens through pledge rewards during the quarter, emphasizing that "no SKY tokens have been sold so far." The company chose to retain all pledge rewards received and reinvest them into the pledge contract of the agreement to achieve compound interest effect.
Strategy Analysis and Governance Impact
SKY is the governance token for the Sky Protocol, the renamed successor to the MakerDAO ecosystem, which supports one of the largest stablecoin issuance systems in the decentralized finance (DeFi) space. Instead of idle tokens, the stablecoin development company deposits most of its SKY positions in the pledged smart contracts of the Sky agreement, thus opening up an additional source of revenue in addition to the potential price increase of the token itself. This strategy is similar to other digital asset treasury companies in that it aims to make positions productive, rather than simply warehousing them as static assets on the balance sheet.
此外，文件还披露了该公司拥有720万美元现金储备，且无未偿还债务，资产负债表干净健康。这为其继续积累或参与质押活动提供了支持，短期内无需面临再融资压力。
持有近10%的主要DeFi治理代币供应量，赋予了稳定币开发公司在Sky协议治理投票中的重大影响力。当协议考虑未来参数调整、推出新稳定币产品或决定金库资金分配时，这一地位可能发挥关键作用。
行业趋势与市场意义
此次披露使稳定币开发公司成为越来越多公开交易公司的代表之一。这些公司不再局限于常见的仅持有比特币或以太坊的财库策略，而是建立了针对特定DeFi治理代币的集中头寸。随着更多公司在代币持仓基础上探索基于质押的收益策略，投资者日益关注此类季度更新，不仅是为了把握价格敞口，更是为了深入理解伴随集中代币所有权而来的底层协议经济学，包括奖励率和治理权重等关键指标。
