Sky Ecological Agreement Spark to Allocate $1 Billion to Tokenized National Debt Products from BlackRock, Superstate, and Centrifuge

Sky Ecosystem’s Financial Protocol Spark Announces Winners of Tokenized Prize Competition

Decentralized lending platform Sky (formerly MakerDAO) announced on Wednesday that the winners of its “Tokenized Prize Competition” are BlackRock, Securitize, Superstate, and Centrifuge. Upon approval from the Sky governance system, a total of $1 billion will be allocated to the tokenized government bond products of these three winners.

Spark’s Initiative to Drive Growth in DeFi Stablecoin Market

Spark’s initiative aims to directly allocate stablecoins to the winning projects through the Spark Liquidity Layer (SLL), pushing Spark to become a growth engine for stablecoins in the DeFi space, while using real-world assets (RWA) as a tool to diversify its balance sheet.

Funding Allocations for Tokenized Bond Funds

According to the announcement, the tokenized government bond fund BUIDL, issued by BlackRock and tokenization technology company Securitize, will receive a $500 million funding allocation; the USTB fund from asset management company Superstate (founded by Compound creator Robert Leshner) will receive $300 million; and the JTRSY fund from tokenized asset company Centrifuge will receive $200 million. Following the governance vote on April 3, these selected tokenized assets may be used as collateral for Sky’s native stablecoin USDS and its yield-bearing token sUSDS.

Rapid Growth of Tokenized U.S. Treasury Market

According to data from rwa.xyz, this allocation plan will also significantly promote the rapidly growing tokenized U.S. Treasury market, which currently stands at $4.6 billion, with the market value of the BlackRock BUIDL fund surpassing $1 billion for the first time last week.