Key finding: The Sun-cluster entities collectively entered Sky in a coordinated fashion on 13 January 2026 (sUSDS positions) and have systematically expanded across multiple products through Q1 2026. Their combined footprint now spans all major Sky yield products, with sUSDS as the anchor and spUSDT as the fastest-growing product by value, driven largely by HTX's aggressive accumulation.
Growth Trend
Combined Holdings — Weekly Growth YTD 2026
The chart below shows total combined holdings across all three entities and all four products, sampled at weekly intervals from 1 January through 15 April 2026. The stacked composition shows how each entity's contribution to the total has evolved over time.
Total Combined Holdings (USD, billions) · Weekly · Jan–Apr 2026
Justin Sun
USDD Treasury
HTX
Dashed line shows combined total across all three entities. Bar segments show individual entity contribution.
Weekly Data
Combined Holdings — Weekly Snapshot Table
All figures in USD millions. Justin Sun includes sUSDS, spUSDT, spUSDC, and SPK Rewards positions. USDD Treasury includes sUSDS, spUSDT, and SPK Rewards. HTX includes sUSDS, spUSDT, and spUSDC. Week-on-week change refers to the combined total.
| Week of | Justin Sun | USDD Treasury | HTX | Combined Total | WoW Change |
|---|---|---|---|---|---|
| Jan 1, 2026 | $474M | $35M | — | $509M | Opening |
| Jan 8, 2026 | $474M | $35M | — | $509M | Flat |
| Jan 15, 2026 ★ | $993M | $185M | — | $1,178M | +$669M (+131%) |
| Jan 22, 2026 | $1,049M | $186M | — | $1,235M | +$57M (+5%) |
| Jan 29, 2026 | $1,047M | $186M | — | $1,233M | Flat |
| Feb 5, 2026 | $1,099M | $186M | — | $1,285M | +$52M (+4%) |
| Feb 12, 2026 | $1,179M | $187M | — | $1,366M | +$81M (+6%) |
| Feb 19, 2026 | $1,245M | $187M | — | $1,432M | +$66M (+5%) |
| Feb 26, 2026 | $1,219M | $187M | — | $1,406M | −$26M (−2%) |
| Mar 5, 2026 ★ | $1,495M | $307M | $61M | $1,863M | +$457M (+32%) |
| Mar 12, 2026 | $1,533M | $308M | $239M | $2,080M | +$217M (+12%) |
| Mar 19, 2026 | $1,558M | $372M | $377M | $2,307M | +$227M (+11%) |
| Mar 26, 2026 | $1,560M | $367M | $453M | $2,380M | +$73M (+3%) |
| Apr 2, 2026 | $1,579M | $441M | $585M | $2,605M | +$225M (+9%) |
| Apr 9, 2026 | $1,581M | $441M | $633M | $2,655M | +$50M (+2%) |
| Apr 16, 2026 | $1,580M | $333M | $633M | $2,546M | −$109M (−4%) |
| YTD Growth | +$1,105M | +$298M | +$633M | +$2,037M | +400% total |
★ Denotes weeks with significant step-changes. Jan 15 reflects Jan 13 coordinated sUSDS entry. Mar 5 reflects JS sUSDS breakout above $800M, USDD Treasury sUSDS doubling, and HTX first appearance.
Product Breakdown
Current Holdings by Entity & Product (Apr 16, 2026)
| Product | Justin Sun | USDD Treasury | HTX | Row Total | % of Product Supply |
|---|---|---|---|---|---|
| sUSDS | $1,036.3M | $272.6M | $219.1M | $1,528.1M | 25.3% |
| spUSDT | $91.6M | $25.8M | $403.1M | $520.5M | 61.0% |
| SPK Rewards | $422.4M | $35.0M | — | $457.4M | 74.7% |
| spUSDC | $29.4M | — | $10.6M | $40.0M | 10.1% |
| Entity Total | $1,579.4M | $333.4M | $632.8M | $2,546.0M | 32.2% |
Analysis
Growth Phases & Key Observations
Phase 1 · Jan 1–12
Pre-entry: Minor spToken & SPK positions only
At the start of 2026, the cluster's Sky footprint was limited to $474M held by Justin Sun (primarily the locked $422M SPK Rewards farming position plus small spUSDC/spUSDT allocations) and USDD Treasury's $35M SPK position. sUSDS — the flagship product — had zero exposure.
Phase 2 · Jan 13 — Feb 26
Coordinated sUSDS entry doubles the total overnight
On 13 January, Justin Sun and USDD Treasury simultaneously entered sUSDS with $543M and $150M respectively — a combined $693M single-day addition. The total rose from $509M to $1.18B (+131%) in one week. The following six weeks saw steady organic growth as JS scaled sUSDS toward $675M and its spUSDT position climbed from $24M to $180M.
Phase 3 · Mar 1 — Mar 21
The "March surge": HTX enters, all entities expand
The most significant growth phase. Between March 1–21, the combined total rose from $1.4B to $2.3B (+64% in 3 weeks). JS crossed $1B in sUSDS on March 7–8. USDD Treasury's sUSDS position doubled from $150M to $272M. HTX made its debut, entering sUSDS and then aggressively building spUSDT to $187M and sUSDS to $219M — all within 18 days.
Phase 4 · Mar 22 — Apr 16
HTX spUSDT surge to $403M; USDD Treasury partially unwinds
HTX continued scaling its spUSDT position, reaching $334M on Mar 29 then $403M by Apr 12 — making it HTX's single largest Sky product. USDD Treasury briefly surged its own spUSDT allocation to $334M (Mar 29), before reducing to $26M by Apr 13, an unusual short-duration deployment. The combined total peaked at ~$2.76B (Mar 29) and settled at $2.55B (Apr 16).
DATA & ATTRIBUTION: On-chain data sourced from ChainFundamentals using the following datasets:
4833785 · sUSDS wallet groups ·
6015033 · spUSDT wallet groups ·
6015027 · spUSDC wallet groups ·
5376479 · SPK Token Rewards depositors.
Entity attribution is provided by ChainFundamentals and is high-confidence but not definitive.
DISCLAIMER: This report is for informational purposes only and does not constitute investment advice, financial advice, or any form of recommendation. Past performance and on-chain behaviour do not predict future outcomes.
DISCLAIMER: This report is for informational purposes only and does not constitute investment advice, financial advice, or any form of recommendation. Past performance and on-chain behaviour do not predict future outcomes.