Ethena and Securitize are about to launch the stablecoin USDtb, competing in Spark's $1 billion tokenization race
According to The Block, Ethena and Securitize are about to launch a stablecoin USDtb, competing for Spark's $1 billion tokenization competition. Over 90% of the initial reserves of USDtb will be supported by BlackRock's BUIDL fund, which is tokenized by Securitize.
The Spark competition is known as the Tokenization Grand Prix, distributing up to $1 billion in liquidity to selected partners. Spark is a lending platform within the Sky ecosystem, renamed from MakerDAO (its core stablecoin DAI was renamed USDS). The results of the competition will be confirmed by Sky token holders in governance voting. Ethena stated that it contributes approximately $120 million in revenue annually to the Sky ecosystem, accounting for nearly 30% of total revenue.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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