---
title: "Stablecoin Development | 8-K: FY2026 Q1 Revenue: USD 2.5 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287067316.md"
datetime: "2026-05-20T12:42:49.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287067316.md)
  - [en](https://longbridge.com/en/news/287067316.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287067316.md)
---

# Stablecoin Development | 8-K: FY2026 Q1 Revenue: USD 2.5 M

Revenue: As of FY2026 Q1, the actual value is USD 2.5 M.

EBIT: As of FY2026 Q1, the actual value is USD 22.3 M.

#### First Quarter 2026 Financial Results

##### Operating Income

-   Operating income was $22.3 million for the first quarter of 2026, compared with an operating loss of - $3.3 million for the first quarter of 2025.
-   This income was primarily driven by staking revenue of $2.5 million and an unrealized gain on digital assets of $22.7 million, partially offset by general and administrative expenses of - $2.8 million.

##### GAAP Net Income

-   GAAP net income was $552.4 million for the first quarter of 2026.
-   This included a non-cash gain on changes in fair value of warrant liabilities of approximately $5.8 billion, partially offset by a non-cash loss on fair value of warrant liabilities in excess of proceeds at issuance of approximately - $5.3 billion.
-   GAAP net income also included a net non-cash gain of approximately $535.0 million from warrant-related effects during the period.

##### Staking Revenue

-   Staking revenue was $2.5 million, representing 35,386,649 SKY tokens earned during the first quarter of 2026.

##### Unrealized Gain on Digital Assets

-   An unrealized gain on digital assets of $22.7 million was recognized during the first quarter of 2026.

##### Operating Costs

-   General and administrative expenses were - $2.8 million.
-   Income tax expense for the period was - $3.5 million.

#### Balance Sheet Highlights (as of March 31, 2026)

-   Cash and Cash Equivalents: $18.4 million.
-   Digital Assets: $160.1 million.
-   Total Assets: $179.7 million.

#### Unique Metrics (SKY Token Holdings)

##### SKY Tokens Held (March 31, 2026)

-   Stablecoin Development Corporation held 2,153,141,678 SKY tokens, representing approximately 9% of the total supply of SKY.
-   The aggregate cost basis for these tokens was $137.4 million, with an aggregate fair value of $160.1 million.
-   The majority of SKY holdings remained deployed in staking activities within the Sky Protocol ecosystem.

##### SKY Tokens Held (May 14, 2026)

-   Stablecoin Development Corporation held approximately 2.26 billion SKY tokens after additional open-market purchases subsequent to quarter-end.

##### Subsequent Events (Through May 14, 2026)

-   The company purchased approximately 86.5 million additional SKY tokens on the open market for approximately $6.5 million.
-   Stablecoin Development Corporation sold an aggregate of 398,367 shares of common stock under the ATM Program for aggregate net proceeds of approximately $0.6 million.
-   Approximately $85.7 million of common stock remained available for issuance under the ATM Program.

#### Sky Protocol Ecosystem Metrics (Q1 2026)

-   Gross Protocol Revenue: Approximately $123.8 million.
-   Net Protocol Surplus: Approximately $46.0 million, representing about 92% of full-year 2025 net protocol surplus.
-   Total Protocol Collateral: Approximately $13.0 billion, backing all USDS and DAI tokens in circulation.
-   Total USDS and DAI Supply: Approximately $11.7 billion.
-   sUSDS Deposits: Approximately $6.5 billion, making sUSDS the largest yield-generating stablecoin by supply.

#### Outlook / Strategy

Stablecoin Development Corporation has transitioned to an on-chain holding company, focusing on the stablecoin economy and executing a long-duration capital allocation strategy. The company aims to generate protocol-level economic exposure through staking and other on-chain activities. Its core digital asset focus remains the Sky Protocol ecosystem, centered on SKY tokens.

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