- The proposal from Ethena and Securitize will probably be assessed for suitability by a panel.
- If permitted, the proposal will enhance liquidity and stability throughout the Sky ecosystem.
- USDtb, backed by BlackRock's BUIDL, affords a secure danger profile primarily based on RWA.
Ethena Labs and tokenization platform Securitize have submitted a joint proposal to function Ethena's new stablecoin, USDtb, in Spark's $1 billion Tokenization Grand Prix.
The $1 billion Tokenization Grand Prix competitors goals to combine real-world property (RWA) into DeFi by providing liquidity to chose members, thereby increasing the attain of tokenized property in decentralized ecosystems.
The proposal submitted by Ethena and Securitize
On the coronary heart of Ethena's proposition is a singular swap facility between USDtb and its artificial stablecoin, USDe.
This innovation would enable members within the Sky ecosystem, previously MakerDAO, to dynamically handle liquidity and danger primarily based on market situations and rate of interest traits. The flexibility to reallocate between these stablecoins is designed to enhance monetary flexibility and stability throughout the ecosystem.
Ethena's contribution to the Sky ecosystem is important, producing practically $120 million in annual income. The combination of USDtb might additional strengthen the efficiency of USDe, significantly in tough funding situations, by dynamically adjusting its help composition.
USDtb, scheduled to launch subsequent week, is backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), a US Treasury fund tokenized on the Ethereum blockchain. With over $533 million in tokenized property underneath administration, BUIDL supplies a powerful basis for USDtb, providing another danger profile to USDe.
Whereas USDe makes use of by-product hedging methods and is topic to fluctuations within the cryptocurrency market, USDtb's backing of conventional monetary devices supplies a extra conservative possibility.
The proposal will probably be evaluated by a panel together with Phoenix Labs and Steakhouse Monetary, utilizing standards akin to liquidity, pricing competitiveness and alignment with Spark's strategic goals. Sky token holders will in the end determine the ultimate choice by a governance vote.
