According to TechFlow, on November 29, The Block reported that Ethena and Securitize are about to launch the stablecoin USDtb to compete for Spark's $1 billion tokenization competition. USDtb's initial reserves will be supported by more than 90% of BlackRock's BUIDL fund, which is tokenized by Securitize.
The Spark competition is called the Tokenized Grand Prix and will issue up to $1 billion in liquidity to selected partners. Spark is a lending platform in the Sky ecosystem, rebranded from MakerDAO (its core stablecoin DAI was renamed USDS). The results of the competition will be confirmed by Sky token holders in a governance vote. Ethena said it contributes about $120 million in revenue to the Sky ecosystem each year, accounting for nearly 30% of total revenue.