- A panel will assess the suitability of Ethena and Securitize's proposal.
- If permitted, the proposal will improve liquidity and stability within the Sky ecosystem.
- Backed by BlackRock's BUIDL, USDtb affords a secure danger profile primarily based on RWA.
Athena Labs and tokenization platform Securitize have submitted a joint proposal to incorporate Athena's new stablecoin, USDtb, in Spark's $1 billion tokenization Grand Prix.
The $1 billion Grand Prix Tokenization Competitors goals to include real-world DeFi property by providing liquidity to pick individuals and additional increasing the scope of tokenized property in decentralized ecosystems.
Proposal submitted by Ethena and Securitize
On the core of Athena's design is a singular swap facility between USDtb and its artificial stablecoin USDe.
This innovation would permit individuals within the Sky ecosystem – previously MakerDAO – to dynamically handle liquidity and danger primarily based on prevailing market circumstances and rate of interest tendencies. The flexibility to redistribute between these stablecoins is designed to enhance monetary flexibility and stability throughout the ecosystem.
Athena's contribution to the Sky ecosystem is critical, producing almost $120 million in annual income. The combination of USDtb might additional strengthen the efficiency of USDe, particularly throughout difficult funding circumstances, by dynamically adjusting the composition of its underlyings.
Scheduled to launch subsequent week, USDtb is backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), a tokenized US Treasury fund on the Ethereum blockchain. With over USD 533 million in tokenized property beneath administration, BUIDL offers a sturdy basis for USDtb and affords another danger profile in comparison with USDe.
Whereas USDe makes use of by-product hedging methods and is topic to cryptocurrency market fluctuations, backing USDtb with conventional monetary devices affords a extra conservative possibility.
The proposal shall be evaluated by a panel that features Phoenix Labs and Steakhouse Monetary primarily based on standards reminiscent of liquidity, value competitiveness and alignment with Spark's strategic objectives. Sky token holders will in the end resolve the ultimate choice by means of a governance vote.
