Ethena and Securitize pitch upcoming BlackRock-fueled stablecoin in Spark's $1 billion tokenization play
Powered by @unfolded- Ethena and Securitize are competing in Spark's $1 billion tokenization competition with Ethena's stablecoin USDtb, which will be primarily backed by BlackRock's USD Institutional Digital Liquidity Fund.
- The competition aims to distribute up to $1 billion in liquidity to selected partners and is part of the Sky ecosystem, previously known as MakerDAO.
- The proposal includes a swap facility for USDtb and another stablecoin, USDe, to help manage asset allocations in response to interest rate changes.
- Ethena claims to contribute approximately $120 million in annual revenue to the Sky ecosystem, accounting for nearly 30% of its total revenue.