Sky Frontier Foundation Appoints John Conneely as Global Head of Business Development to Expand Institutional Adoption of USDS

Veteran of Falcon X, Bakkt and Genesis joins Sky as the USDS stablecoin reached $12 Billion in supply in Q1

GRAND CAYMAN, Cayman Islands, April 21, 2026 /PRNewswire/ - Sky Frontier Foundation ("SFF," or "the Foundation"), an independent organization that supports research, education, and ecosystem development for the Sky Ecosystem, today announced the appointment of John Conneely as Global Head of Business Development, effective April 1, 2026.

Sky Protocol is a global savings and capital allocation network powering USDS, the world's largest yield-generating stablecoin, engineered for resilient, risk-adjusted returns and the third-largest stablecoin overall.

Conneely reports to the Foundation's Board of Directors and is the first dedicated commercial executive across Sky Ecosystem. Conneely has a direct mandate to drive USDS adoption of prime brokers, fintechs, neo-banks, exchanges, corporate treasuries and traditional finance firms. Conneely has spent more than 14 years in business development, strategy and go-to-market roles, with eight years of executive-level leadership focused specifically at the intersection of digital assets and global finance.

"The supply of USDS has already surpassed $12 billion through protocol mechanics and organic adoption, without a commercial team in place. We're excited to see what John can do with this focused remit." said Rune Christensen, Co-Founder of the decentralized Sky Ecosystem and Director at Sky Frontier Foundation. "John brings a first-class network of relationships across DeFi and TradFi. He understands how to make the case to institutions for the transparency and resilience that the Sky Protocol offers."

In 2025, USDS supply grew 74% to 9.2 billion and crossed $12 billion in April 2026. (Current supply is $11.4 billion.) In its 2026 Outlook, Sky Frontier Foundation estimated the circulating supply of USDS will surpass $20 billion this year.

Recent Sky Agent developments demonstrate the scale of capital moving through  Sky Protocol. That includes Obex's deployment, beginning in March, of $1 billion of USDS in partnership with Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital and Better.

As Sky Protocol continues to set new standards for transparency among onchain protocols, the Foundation announced its plans to host the first-ever Sky Ecosystem update call in May, in conjunction with the release of quarterly financial information.

Executive Leadership Appointment

Conneely has held senior commercial and strategic roles across some of the largest firms involved in institutional digital assets. At FalconX, he led commercial execution and global partnerships for the custody and staking business. At Genesis, he led the global custody business, scaling the team from two to 40+ professionals and facilitating $1.25 billion in deposits in a single quarter. Earlier, he led the launch of Bakkt's custody platform and the first CFTC-regulated Bitcoin futures product in the United States.

Prior to the digital assets industry, Conneely held roles at Morgan Stanley and Leerink Partners, grounding his institutional approach in his traditional capital markets experience. Conneely's appointment is the first phase of a broader commercial expansion for the Sky Ecosystem, during a period of increasing regulatory clarity for stablecoins on the global level.

"Trust in the onchain finance space is earned slowly and lost quickly," John Conneely said. "What drew me to Sky is that its foundation was built before the pitch. Sky has a decade of operational history, a clear risk framework and infrastructure designed from day one to scale. That's the exact profile institutions are looking for."

About USDS

Created through Sky Protocol, USDS is the third-largest stablecoin overall and the largest yield-generating stablecoin, engineered for resilient, risk-adjusted returns and governed by decentralized smart contracts. USDS is the upgraded version of DAI and has nearly $12 billion in total supply. Issuance, redemption, governance, reserve management, and parameter changes are executed by decentralized smart contracts and community governance processes that are independent of SFF.

About Sky Frontier Foundation

Sky Frontier Foundation is an independent organization that supports research, education, and ecosystem development for Sky Ecosystem.

Legal Notice and Forward-Looking Statements

The analyses, characterizations, and views reflected in this press release are those of Sky Frontier Foundation ("SFF" or "the Foundation") as of the date of publication, are judgment-based, and may change without notice. They do not constitute legal opinions, regulatory determinations, or guarantees of outcome, and should not be relied upon as a substitute for independent analysis or professional advice.

This press release is provided for general informational purposes only and does not constitute legal, financial, investment, tax, or other advice. Nothing in this press release is intended as, or should be construed as, an offer, solicitation, or recommendation to buy or sell any token, security, or other financial instrument. SFF is an independent entity and does not control the Sky Protocol or its DAO governance processes; decentralized governance decisions and protocol outcomes are outside SFF's control, and no statement in this press release should be interpreted as a commitment by the protocol's community or governance.

This press release contains forward-looking statements that are inherently uncertain and not guarantees of future performance. Actual results and events may differ materially due to risks and factors outside SFF's control, including market volatility, regulatory developments, and decisions made through decentralized governance. Readers are cautioned not to place undue reliance on forward-looking statements, and SFF undertakes no obligation to update them. All information is provided "as is" without warranty of any kind.

SOURCE Sky Frontier Foundation