Foresight News reports that stablecoin issuer Ethena and tokenization platform Securitize have applied to include USDtb in Sky's $1 billion tokenization competition for the Spark lending platform. USDtb is the only stablecoin on the market that is 100% backed by BlackRock. It is set to launch next week. The proposal also includes enabling a swap facility between USDtb and USDe through Ethena, allowing for the exchange between the two assets.
Ethena stated that it currently contributes approximately $120 million in annual revenue to Sky, accounting for nearly 30% of Sky's total revenue, while collateral asset-supported distribution accounts for only 13%.