Sky's protocol net revenue in 2026 Q1 was $60M, a 2.6x increase compared to 2025 Q4. Most of the growth came from the expansion of USDS, the growth of Vault, and subsequently more capital being deployed to Sky Agents like Spark and Grove, driving a significant increase in Stability Fee Revenues, while expenses did not see a major rise. This performance is already outstanding, especially in a bear market and under the intense competition among stablecoins.