Tokenized treasury offerings from a partnership involving BlackRock, Securitize, Superstate, and Centrifuge are set to benefit from a $1 billion investment initiative launched by Sky, which was formerly known as MakerDAO. This initiative aims to promote the adoption of real-world asset (RWA) tokenization on Spark, a decentralized finance (DeFi) lending platform linked to Sky.
The product BUIDL, developed by BlackRock and Securitize and supported by U.S. Treasury bills and repurchase agreements, is expected to receive a $500 million allocation. Superstate’s USTB will be allocated $300 million, while Centrifuge’s JTRSY, a T-bill fund created in collaboration with asset managers Anemoy and Janus Henderson, is set to receive $200 million.
The selection process involved evaluating 39 applicants through the advisory firm Steakhouse Financial, which specializes in RWAs and plays a pivotal role in the Spark ecosystem. The winning projects were chosen based on liquidity and capital efficiency criteria. As stated by Spark in a press release, the final allocations will be determined by market demand and capped at $1 billion.
If approved through governance, the chosen tokenized assets may serve as collateral for Sky’s native stablecoin USDS and its interest-bearing counterpart, sUSDS.
This strategy reflects a broader movement within blockchain-based platforms to incorporate tokenized forms of traditional financial assets, including bonds, funds, and credit. In 2024, Sky revealed its plans to invest $1 billion in tokenized U.S. Treasury bills, attracting attention from various issuers.
Read more: MakerDAO’s $1B Tokenized Treasury Investment Plan Draws Interest from BlackRock’s BUIDL, Ondo, Superstate
Additionally, this allocation is expected to provide a substantial boost to the rapidly expanding tokenized U.S. Treasuries market, which is currently valued at $4.6 billion, according to data from rwa.xyz.
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