Sky Inc. Suffers $5 Million Loss Due to Interest Hikes for Stablecoin Adoption

Sky Inc., a cryptocurrency company, posted a $5 million loss in Q1 2025 driven by rising interest payments related to their newly launched stablecoin, Sky Dollar (USDS). This contrasts sharply with the company’s previous $31 million profit from the same period last year. The shift in strategy, aimed at bolstering USDS adoption, led to a substantial increase in incentives that drove up interest expenses by 102%. This financial consequence highlights the complexities of navigating the volatile cryptocurrency landscape.