Ethena Labs and Securitize have jointly proposed to introduce Ethena's new stablecoin, USDtb, in Spark's $1 billion Tokenization Grand Prix. The competition aims to bring real-world assets into DeFi by providing liquidity to chosen participants, expanding tokenized assets in decentralized ecosystems. Ethena's proposal includes a unique swap feature between USDtb and USDe, allowing Sky ecosystem participants to manage liquidity and risk dynamically. This innovation aims to improve financial flexibility and stability within the ecosystem. USDtb, backed by BlackRock's USD Institutional Digital Liquidity Fund, offers a conservative alternative to USDe's derivative hedging strategies. The proposal, evaluated by a panel including Phoenix Labs and Steakhouse Financial, will be decided by Sky tokenholders through a governance vote. Ethena's contribution to the Sky ecosystem, generating $120 million in annual revenue, could further strengthen USDe's performance in challenging market conditions. Read more AI-generated news on: https://app.chaingpt.org/news