Ethena stablecoin issuer $ENA and tokenization platform Securitize are submitting Ethena’s upcoming USDtb stablecoin to the Spark tokenization competition with a $1 billion prize pool.
The Spark competition, called the Tokenization Grand Prix, is giving away up to $1 billion in liquidity to select connectivity partners. Spark is a lending platform in the Sky ecosystem, which was rebranded from MakerDAO (with its primary stablecoin DAI becoming USDS). The results will be confirmed by Sky token holders in a governance vote.
The filing includes a proposed swap mechanism for USDtb and USDe, another stablecoin issued by Ethena, aimed at allowing the Sky ecosystem to manage allocations between these assets in response to interest rate changes.
The USDtb stablecoin reserves will be invested in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which was tokenized by Securitize. BUIDL will make up more than 90% of its initial collateral. Ethena claims this is a higher percentage than other stablecoin issuers.
