TL;DR
- Ethena and Securitize have submitted their proposal to launch the USDtb stablecoin in the Spark tokenization competition, backed by BlackRock.
- The Tokenization Grand Prix will allocate up to $1 billion in liquidity to selected partners. The results will be decided by a governance vote from the token holders of the Sky ecosystem.
- USDtb will be backed by more than 90% by BlackRock’s BUIDL fund, and Ethena will include a swap tool between USDtb and USDe.
Ethena and Securitize have submitted their proposal to participate in the Spark tokenization competition, with the goal of launching the USDtb stablecoin, which will be backed by an investment fund.
This competition, called the Tokenization Grand Prix, aims to allocate up to $1 billion in liquidity to selected partners. The Spark platform, part of the Sky ecosystem, is behind organizing the competition. It will offer a unique opportunity for projects wishing to join an asset tokenization ecosystem. Spark, previously known as MakerDAO, has undergone a rebranding, and its stablecoin, DAI, has been replaced by USDS.
Ethena and Securitize Receive BlackRock’s Backing
The results will be decided through a governance vote by the token holders of the Sky ecosystem. In their proposal, Ethena and Securitize include an innovative swap tool between their stablecoin USDtb and another stablecoin issued by Ethena, USDe. This functionality will allow the Sky ecosystem to manage asset allocations more efficiently in response to interest rate changes, providing greater flexibility to users and operators.
USDtb’s backing will mainly come from BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), one of the largest asset managers globally. This fund, which will be tokenized by Securitize, will make up more than 90% of USDtb’s initial backing, a higher percentage than other stablecoin issuers. BlackRock’s support strengthens the proposal, providing a high level of trust and security.
Ethena, which is currently one of the main revenue generators within the Sky ecosystem, contributes approximately $120 million annually, representing nearly 30% of the ecosystem’s total revenue
