Stablecoin Development Corporation, a public company built around holding and staking Sky Protocol’s SKY governance token, reported that $2.2 million of second-quarter staking revenue roughly matched its company-defined cash operating expenses.

The comparison used reported dollar values: SDEV received the rewards in SKY and sold none during the quarter, meaning SDEV would need to sell tokens before using the rewards to pay operating costs.

SDEV calculated cash operating expenses, a non-GAAP measure, by subtracting about $3.2 million of noncash stock compensation from $5.4 million of general and administrative expense. The result was approximately $2.2 million. The company earned 31.7 million SKY during the quarter, according to its July…