According to Techub News and reported by The Block, stablecoin issuer Ethena and tokenization platform Securitize are promoting Ethena's upcoming stablecoin USDtb for the $1 billion tokenization competition held by the Sky (formerly MakerDAO) ecosystem lending platform Spark.
This competition will provide selected partner participants with up to $1 billion in liquidity, the results of which will be confirmed by Sky token holders in governance votes. The application includes a proposed exchange mechanism for USDtb and USDe (another stablecoin issued by Ethena), aimed at allowing the Sky ecosystem to manage the allocation between these assets according to interest rate changes. The reserves of USDtb will be invested in BlackRock BUIDL, accounting for over 90% of its initial support. Ethena claims this ratio is higher than that of other stablecoin issuers.